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.
Employers across the U.S. added 147,000 jobs in June, while the unemployment rate fell to 4.1%.
Fed Chair Jerome Powell responded with a one-word answer when asked if he'd step down if asked by President-elect Donald Trump.
The Federal Reserve just lowered its benchmark rate by 0.50 percentage points. Here's how the move could impact your finances.
Inflation-weary consumers have also been slammed by high borrowing costs, but the Fed is cautious about sticky inflation.
President Biden is hoping to stack the Central Bank with its top governors as it continues working to stem inflation.
Latest hike brings the U.S central bank's benchmark interest rate to its highest level in 16 years.
The regional lender, whose collapse is the second-biggest bank failure in U.S. history, is the third bank to be seized by regulators since March.
All deposit accounts at Silicon Valley Bank and Signature Bank in New York will be guaranteed, the Federal Reserve, Treasury Dept. and FDIC said in a joint statement.
President Biden is highlighting January's job report after it soared past economists' predictions. Jeanna Smialek, a financial reporter at The New York Times, joins CBS News to discuss what the numbers mean for the state of the U.S. economy and future Fed moves.
Personal consumption expenditures increased at the lowest rate in over a year, showing the long run-up in prices is likely ending.
The central bank boosted interest rates for the seventh time this year, which means pricier debt and loans.
Rates are at their highest level in 15 years as policymakers try to tamp down inflation without torpedoing the economy.
The Federal Reserve, as expected, announced it is raising interest rates by three-quarters of a percentage point to help tamp down inflation. CBS News' Tanya Rivero and Christina Ruffini get analysis of the economic and political impact from Ted Rossman, senior industry analyst at Bankrate.com; CBS News political correspondent Caitlin Huey-Burns; and Michelle Singletary, Washington Post personal finance columnist.
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.
"Inflation is much too high," Fed Chair Jay Powell said of the U.S. central bank's largest rate hike since 1994.
Economists expect a sharp increase in borrowing costs. That could impact credit cards, loans and other debt.
The top news stories you might not have heard about this week
The Federal Reserve bumped up its most important interest rate another quarter point on Wednesday, its seventh rate hike since late 2015.
The Fed is boosting its key short-term rate by a modest quarter-point to a still-low range of 1.5 percent to 1.75 percent and will keep shrinking its bond portfolio. Both steps show confidence that the U.S. economy remains sturdy nearly nine years after the Great Recession ended.
The Federal Reserve Bank of San Francisco apologized Tuesday for a political message posted to the bank's Twitter page.
On Monday, the Treasury Department sold 553,846,153 shares in AIG on Monday, turning an $18 billion profit on the $32.50 a share price.
Traditionally, home equity rises as a mortgage is paid off, but home values continue to plunge since the bubble burst in 2006.
A showdown vote in the Senate over a proposed cap on fees that stores charge for a debit card swipe is pitting bankers against merchants — but will consumers lose either way?
The Federal Reserve plans to release documents on Thursday identifying financial companies that received Fed loans to survive the financial crisis.
Nearly 25 years after a 32-year-old woman's car was found abandoned and she was found dead in Hesperia, authorities have made an arrest for her murder.
Los Angeles County District Attorney Nathan Hochman says that federal agents wrongfully detained a member of his office on Friday.
Police have arrested a third person in connection with the murder of a Tennessee man who was affiliated with the Inland Empire religious group "His Way Spirit Led Assemblies."
Kianna Underwood, a former Nickelodeon child actress, was identified as the woman killed in a hit-and-run in Brooklyn.
The father, Hector Lionel Alfaro, allegedly killed his wife and daughter before dying by suicide on Tuesday.
Nearly 25 years after a 32-year-old woman's car was found abandoned and she was found dead in Hesperia, authorities have made an arrest for her murder.
Los Angeles County District Attorney Nathan Hochman says that federal agents wrongfully detained a member of his office on Friday.
Police have arrested a third person in connection with the murder of a Tennessee man who was affiliated with the Inland Empire religious group "His Way Spirit Led Assemblies."
Kianna Underwood, a former Nickelodeon child actress, was identified as the woman killed in a hit-and-run in Brooklyn.
Mexican president Claudia Sheinbaum has sought to placate President Trump and build a strong relationship between the U.S. and Mexico.
Los Angeles County District Attorney Nathan Hochman says that federal agents wrongfully detained a member of his office on Friday.
SoCal Edison filed a lawsuit against Los Angeles County and other agencies over the Eaton Fire on Friday.
Rick Caruso, the runner-up in the Los Angeles Mayoral race four years ago, announced he will not pursue elected office at this time.
Beverly Hills police said the suspect beat the man with a metal object before running him over with his vehicle.
Alfaro's eldest daughter said she heard gunshots while she was asleep, and that her father appeared near her with a gun, and allegedly shot at her several times, but he missed.
Federal prosecutors charged a man who allegedly threatened to kill Vice President JD Vance during his Disneyland trip last year.
An Orange County man has been posting social media videos of car crashes in front of his house to hopefully spur safety changes at his Huntington Beach intersection.
After his son died while hiking Mount Baldy, Kenneth Muensch Casanova called on Angeles National Forest officials to require permits on the dangerous mountain.
A Santa Ana community scrambled to ensure their 101-year-old neighbor wasn't left behind when a fire broke out in her condo.
Orange County prosecutors said the suspect was allegedly sex trafficking a 17-year-old girl in Anaheim.
Nearly 25 years after a 32-year-old woman's car was found abandoned and she was found dead in Hesperia, authorities have made an arrest for her murder.
Police have arrested a third person in connection with the murder of a Tennessee man who was affiliated with the Inland Empire religious group "His Way Spirit Led Assemblies."
Deputies said that the driver lost control of their vehicle and slammed into the building at around 8:30 p.m. on Thursday.
After his son died while hiking Mount Baldy, Kenneth Muensch Casanova called on Angeles National Forest officials to require permits on the dangerous mountain.
"If you don't have the training or the right equipment, you will end up like I did," said Manny Vasquez, who fell 300 feet while hiking up Mount Baldy.
"It's as definitive as we're going to get," CBS News medical contributor Dr. Céline Gounder said of the new research, which found no connection between Tylenol and autism or ADHD.
Mexican president Claudia Sheinbaum has sought to placate President Trump and build a strong relationship between the U.S. and Mexico.
A 21-year-old who demonstrated in Santa Ana, California, against the shooting death of Renee Good says exercising his right to free speech nearly cost him his life.
Kyle Tucker has agreed to a $240 million, four-year contract with the Los Angeles Dodgers, bolstering the franchise's chance for a third consecutive World Series championship.
Authorities said the alleged scheme involved 39 players, 17 different NCAA Division I men's basketball teams and 29 games.
Los Angeles County District Attorney Nathan Hochman says that federal agents wrongfully detained a member of his office on Friday.
Mr. Trump previously threatened to impose tariffs against countries that do not support his plans to acquire the territory.
Mexican president Claudia Sheinbaum has sought to placate President Trump and build a strong relationship between the U.S. and Mexico.
President Trump and California Gov. Gavin Newsom are both pitching plans to restrict corporations from buying single-family homes.
An Immigration and Customs Enforcement officer shot a man Wednesday night in north Minneapolis after allegedly being attacked by men with shovels during an arrest operation, three U.S. officials told CBS News.
San Francisco officials said Tuesday that the city has filed a lawsuit against leading manufacturers of ultra-processed foods, accusing them of producing products linked to serious health issues and alleging that the companies knowingly made the foods addictive.
A bill that would reverse a 25% tax increase on California's legal cannabis industry is heading to Gov. Gavin Newsom's desk, after being approved by the legislature.
Meal kit delivery firm HelloFresh will pay $7.5 million to settle a lawsuit accusing it of misleading customers and making it difficult for them to cancel their subscriptions.
With the help of her daughter and her 5th-grade class, CBS News California (KCAL) Investigative reporter Julie Watts investigates "Sephora Kids" concerns.
A Southern California man has pleaded guilty for his role in a scheme that stole more than $2 million from San Francisco-based food delivery company DoorDash, federal prosecutors said.
Millions of people with an Affordable Care Act health plan face a massive jump in premiums next year — this chart shows just how much.
"I don't know how I'm going to pay for this," said one person with an Affordable Care Act plan that will cost her $1,100 a month starting in January.
San Francisco officials said Tuesday that the city has filed a lawsuit against leading manufacturers of ultra-processed foods, accusing them of producing products linked to serious health issues and alleging that the companies knowingly made the foods addictive.
In an interview with CBS News, FDA Commissioner Dr. Marty Makary explains what went into the decision to drop the most serious warnings on hormone therapy for menopause.
At least 11 people have contracted Salmonella linked to powder supplements sold at Sam's Club stores nationwide, health authorities said.
About 30% of San Francisco was without power at the height of the outage, according to utility provider PG&E.
The DMV said it is giving Tesla Motors 60 days to address its misleading use of "autopilot," or it could have its dealer license temporarily suspended.
California is set to join a growing list of states banning the practice of cat declawing, under a new law taking effect in January.
San Francisco officials said Tuesday that the city has filed a lawsuit against leading manufacturers of ultra-processed foods, accusing them of producing products linked to serious health issues and alleging that the companies knowingly made the foods addictive.
Waymo has begun offering autonomous robotaxi service using freeways for the first time in select cities in California and Arizona, the company announced.
Kyle Tucker has agreed to a $240 million, four-year contract with the Los Angeles Dodgers, bolstering the franchise's chance for a third consecutive World Series championship.
Authorities said the alleged scheme involved 39 players, 17 different NCAA Division I men's basketball teams and 29 games.
FIFA says it has received over 500 million ticket requests for 2026 World Cup matches in the U.S., Canada and Mexico— with prices as high as $8,680.
Mark Stone scored 25 seconds into overtime, Jack Eichel had three assists and the Vegas Golden Knights beat the Los Angeles Kings 3-2 on Wednesday night.
Kawhi Leonard scored 33 points and James Harden added 22 points as the Los Angeles Clippers extended their winning streak to four games with a 119-105 victory over the Washington Wizards.
Kianna Underwood, a former Nickelodeon child actress, was identified as the woman killed in a hit-and-run in Brooklyn.
Another allegation against Busfield was reported to law enforcement the same day he turned himself in, according to a court filing.
In a video provided to TMZ on Tuesday, Timothy Busfield said the allegations "are all lies."
Scott Adams, the cartoonist who created the "Dilbert" comic strip, has died at the age of 68, his first ex-wife revealed on Tuesday.
From historic wins to powerful speeches, here are the highlights and most memorable moments from the 2026 Golden Globes.
Police have arrested a third person in connection with the murder of a Tennessee man who was affiliated with the Inland Empire religious group "His Way Spirit Led Assemblies." Mike Rogers reports.
Dom's Taverna is a new Basque restaurant in Santa Barbara, making waves with the freshest of seafood. Chef Dom Crisp joins CBS LA.
Southern California Edison is suing Los Angeles County and other agencies, alleging that they failed to act reasonably during the Eaton Fire. Alys Martinez reports.
While much of the country endures freezing January weather, Southern California can expect a weekend in the 80s. Alex Biston reports.
Hudson Chase, star of 'How to Lose a Popularity Contest', talks to Jamie Yuccas and Sheba Turk about the new romantic comedy premiering on Tubi.
Widely considered the greatest architect of his time, Frank Gehry helped shape Los Angeles' skyline.
A suspect was taken into custody after an attack on Pearl Street Mall in Boulder on June 1 in which there were 15 people and a dog who were victims. The suspect threw Molotov cocktails that burned some of the victims, who were part of a march for Israeli hostages.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
The Franklin Fire in Malibu quickly grew overnight and threatened several homes. Evacuation orders were issued and Pepperdine University instructed students to shelter in place.
Several people have been injured and multiple homes burned after the Mountain Fire broke out Wednesday morning in Ventura County, burning over 10,000 acres within hours.
