Powell says the Fed was served DOJ subpoenas over building renovations
The subpoenas threatened a criminal indictment related to Jerome Powell's testimony before the Senate Banking Committee in June 2025, according to the Fed chair.
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The subpoenas threatened a criminal indictment related to Jerome Powell's testimony before the Senate Banking Committee in June 2025, according to the Fed chair.
Meanwhile, Federal Reserve Chairman Jerome Powell is now facing a criminal investigation. Bradley Blackburn reports.
Federal prosecutors claim Powell lied to Congress when he testified last year about the cost of the renovation of the Fed’s D.C. headquarters.
Prosecutors claim Powell lied to Congress when he testified before senate banking committee last year when he testified about the cost of the feds' D.C. headquarters.
Federal Reserve Chair Jerome Powell has been under pressure from President Trump to lower the central bank's benchmark interest rate.
The battle came as the president sparred with the head of the federal reserve in a rare presidential visit to their headquarters.
The House will soon take up the package of spending cuts narrowly approved by the Senate overnight, that slashes previously approved funding for foreign aid as well as PBS and NPR. Lawmakers are also reacting to President Trump's latest comments on whether he'll try to oust Federal Reserve Chair Jerome Powell, whom he has repeatedly criticized for not lowering interest rates.
President Trump has lashed out against Federal Reserve Chair Jerome Powell for weeks.
President Donald Trump is escalating his pressure campaign to get the Federal Reserve chairman to either lower interest rates or quit his post by targeting the expensive renovation at the central bank’s headquarters.
The Federal Reserve kept its key interest rate unchanged at its May meeting on Wednesday, brushing off President Trump’s demands to lower borrowing costs.
President Trump says he's eager to see Federal Reserve chair Jerome Powell go. It comes amid the president's ongoing frustration over interest rates, and after Powell said tariff uncertainty could pose a risk to the U.S. economy.
Stocks suffered their worst crisis since COVID in March 2020, as the Dow Jones plunged more than 2,200 points on Friday, over concerns about the fallout from President Trump’s tariffs. The NASDAQ and S&P lost nearly 6 percent. Posting on social media as he went golfing, the president called this “a great time to get rich.” But in a rare move, President Trump is calling on the Federal Reserve to cut interest rates. Fed chairman Jerome Powell warned on Friday that tariffs could do long-term harm to the economy.
Fed Chair Jerome Powell cites "high uncertainty" around the impact of Trump administration tariffs on key trading partners.
The Federal Reserve on Wednesday moved to lower its benchmark rate by 0.25 percentage points, but said it plans fewer cuts in 2025.
The Federal Reserve just lowered its benchmark rate by 0.50 percentage points. Here's how the move could impact your finances.
The Fed's decision will lower borrowing costs from a 23-year high as the central bank pivots to shoring up economic growth.
Federal Reserve Chair Powell, speaking at a conference in Jackson Hole, Wyoming, said the timing and pace of rate cuts will depend on economic data.
The rise in the federal funds rate, which is what banks charge each other for overnight loans, comes as several significant pieces of economic data are released this week.
Tenants at a South Loop luxury high-rise that has been plagued with problems like broken elevators are vowing to fight five-day eviction notices.
Indiana state officials on Friday continued to survey tornado damage in Lake Village, after two people were killed in Tuesday's storms, though strong winds made cleanup efforts that much more difficult.
The general manager of the Arlo Hotel in Chicago has lived many lives and had many careers, but she said her own growth goes hand-in-hand with mentoring other women.
A key City Council committee on Friday backed a $27 million settlement with the family of a mother of six killed in a crash during a high-speed police chase in 2017.
Shinnick's Pub on Chicago's South Side is the oldest Irish bar in Chicago, in operation since 1938.
A key City Council committee on Friday backed a $27 million settlement with the family of a mother of six killed in a crash during a high-speed police chase in 2017.
A federal judge has quashed a pair of grand jury subpoenas sent to the Federal Reserve Board as part of a criminal probe by U.S. Attorney Jeanine Pirro's office.
Defense Secretary Pete Hegseth and Joint Chiefs Chairman Dan Caine briefed on Operation Epic Fury in Iran Friday.
The Senate failed for a fourth time to advance a funding bill for the Department of Homeland Security, with no deal in sight.
A new Iowa law bans local nondiscrimination protections on the basis of gender identity after the state became the first in the U.S. to roll back its civil rights code last year.
Tenants at a South Loop luxury high-rise that has been plagued with problems like broken elevators are vowing to fight five-day eviction notices.
It's become an annual March Madness tradition at CBS Chicago, pitting our city's best eateries in direct competition in a foodie bracket challenge. We did pizza, we've done Italian beef, we've done Chicago dogs. This year, we're taking flight with wings.
For Cook County residents hoping to lower their property tax bills, applications are open for exemptions.
Officials in the north Chicago suburb of Wilmette issued a warning Tuesday about scammers who are impersonating representatives of village departments.
The war with Iran is causing gas prices to surge, with motorists in Chicago and around the country guaranteed to feel the impact at the pump Monday morning.
A new Iowa law bans local nondiscrimination protections on the basis of gender identity after the state became the first in the U.S. to roll back its civil rights code last year.
Food containing norovirus may smell and taste normal but still cause serious illness if consumed, FDA warns.
Illinois Gov. JB Pritzker on Monday announced a $1.5 billion investment from biotherapeutics company CSL for a new plasma therapy manufacturing plant in Kanakee.
When a doctor was told there was no cure for his daughter's condition, he was motivated to transform not only her health, but the lives of thousands of others.
Ann & Robert H. Lurie Children's Hospital announced this week that it is planning to open a new pediatric hospital in the west Chicago suburb of Downers Grove.
Despite a rash of restaurant closures, veterans of the plant-based food business pushed back against prophecies of doom — and in one case argued that such closures notwithstanding, plant-based eating is only growing.
Two popular Chicago craft breweries – Half Acre Beer Co. and Maplewood Brewery & Distillery – announced on Tuesday they are merging to create a new "premier Chicago beverage company."
Illinois Gov. JB Pritzker on Monday announced a $1.5 billion investment from biotherapeutics company CSL for a new plasma therapy manufacturing plant in Kanakee.
Capital One is laying off more than 1,100 workers at the former Discover headquarters in north suburban Riverwoods.
A new development at the southeast corner of Chicago's East Lakeview community would clear away a medical office building and replace it with a residential high-rise.
Comedy power couple Nick Offerman and Megan Mullally are starring in the Goodman Theatre's new musical coming this summer.
A play inspired by the story of Emmett Till has now been extended twice past its initial run at Collaboraction Theatre in Humboldt Park.
Jennifer Runyon, a Chicago native who became famous as an actress appearing in "Ghostbusters" and "Charles in Charge," died last week.
A woman was arrested on Sunday for firing multiple shots at the Beverly Hills home of Rihanna, Los Angeles Police Department officials say.
Actor and filmmaker Bruce Campbell told fans that he is in treatment for cancer and will cancel some upcoming public appearances.
More than 100 residents formed the Astoria Tower Tenants Association because of the living conditions. Under the guidance of a tenants' rights organization, some have withheld a portion of their rent.
CBS Chicago chief meteorologist Albert Ramon shares the latest forecast, which calls for some storms going into the next work week.
The Pentagon confirmed all six service members on board a U.S. military refueling tanker were killed when it crashed in Iraq after taking part in operations against Iran.
Our own Marie Saavedra went back to her high school to interview and moderate a discussion with CBS News Senior Correspondent Norah O'Donnell about her new book.
Indiana state officials on Friday continued to survey tornado damage in Lake Village, after two people were killed in Tuesday's storms, though strong winds made cleanup efforts that much more difficult.
Strong wind gusts tore through the Chicago area on Friday, knocking out power to thousands, taking down trees, and even tearing the roof off of a north suburban school.
The man killed in Aroma Park after an EF-3 tornado touched down in Kankakee County on Tuesday has been identified.
Tenants at a South Loop luxury high-rise that has been plagued with problems like broken elevators are vowing to fight five-day eviction notices.
Chicago is gearing up for a weekend full of St. Patrick's Day parades and citywide celebrations. Here's what you need to know.
Indiana state officials on Friday continued to survey tornado damage in Lake Village, after two people were killed in Tuesday's storms, though strong winds made cleanup efforts that much more difficult.
Attorneys for the family of a woman killed in a crash during a high-speed police chase in 2017 say officers involved failed to activate their body cameras or turned them off during the pursuit.
A new specialized unit is being created to prosecute domestic violence homicides in Cook County, as these killings surged 15% last year, even as overall violent crime declined across Chicago.
After a year of water bill complaints in Lisle, Illinois, the village board is officially moving forward with a plan to review those issues and possibly have the village take over for the private utility that supplies water to part of the village.
Two separate child abuse cases in Lake County, Illinois, are prompting questions about the roles schools play in identifying warning signs and alerting authorities.
A Chicago senior citizen said his phone has been ringing off the hook with hundreds of unwanted spam calls that have made his beloved landline virtually unusable. New efforts in Springfield could bring real relief.
Connor Bedard scored off a rebound off a post at 3:57 of overtime to give the Chicago Blackhawks a 3-2 victory over the Utah Mammoth on Thursday night.
Bears general manager Ryan Poles said there was a common theme to the free agents they are bringing in this offseason, saying the team "wanted to get faster, more explosive" with guys that are "passionate about football."
Northwestern now has a seven-game winning streak against the Hoosiers.
Chicago's Jalen Smith converted two free throws with 1.4 seconds left in regulation to send the game into OT, and Tre Jones contributed 22 points for the Bulls
The Detroit Lions are losing another player, this time it's wide receiver Kalif Raymond, who is reportedly heading to the Chicago Bears.
The attacker rammed a vehicle into Temple Israel in West Bloomfield and opened fire, but he was the only one killed, law enforcement officials said.
A new specialized unit is being created to prosecute domestic violence homicides in Cook County, as these killings surged 15% last year, even as overall violent crime declined across Chicago.
A man was shot and killed on the street in the midday hours Wednesday in Chicago's West Garfield Park neighborhood.
Park rangers cited the four visitors, all from Illinois, for collecting and defacing park resources.
A woman has been charged in a road rage shooting that left someone injured this past weekend on the Dan Ryan Expressway.
