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.
Wedding will remain in custody without bond as he awaits trial, a judge ruled.
Nicholas Weinmeister with USC's Homelessness Policy Research Institute said interim shelters that accept pets are rare, but about five years ago, the state decided to invest in them.
UNAC/UHCP said about 31,000 nurses and health care workers are expected to join the picket lines across California.
The victim, a man in his 70s, was pronounced dead at the scene.
Police said that a man was found dead in the roadway near Euclid Street and Baker Avenue in Fullerton at around 9 p.m.
Wedding will remain in custody without bond as he awaits trial, a judge ruled.
Nicholas Weinmeister with USC's Homelessness Policy Research Institute said interim shelters that accept pets are rare, but about five years ago, the state decided to invest in them.
UNAC/UHCP said about 31,000 nurses and health care workers are expected to join the picket lines across California.
The victim, a man in his 70s, was pronounced dead at the scene.
Police said that a man was found dead in the roadway near Euclid Street and Baker Avenue in Fullerton at around 9 p.m.
Nicholas Weinmeister with USC's Homelessness Policy Research Institute said interim shelters that accept pets are rare, but about five years ago, the state decided to invest in them.
UNAC/UHCP said about 31,000 nurses and health care workers are expected to join the picket lines across California.
Police said that a man was found dead in the roadway near Euclid Street and Baker Avenue in Fullerton at around 9 p.m.
A stunning back and forth contest ended in Seattle's favor on Sunday as Sam Darnold tossed for 310 yards and three touchdowns to lead the Seahawks to Super Bowl LX, where they'll face the New England Patriots.
One person was hospitalized in a crash involving a Los Angeles Police Department patrol car in Pacoima on Saturday night.
The crash occurred around 12:09 a.m. on North Anaheim Boulevard.
Big Bear eagles Jackie and Shadow welcomed their first egg of the nesting season on Friday.
A group of smash-and-grab robbers purposefully crashed an SUV into an Anaheim jewelry store before crashing their getaway cars during a police pursuit on Friday afternoon.
Brea police arrested school board member Christopher Becerra for allegedly sending sexual messages to a minor.
The shooting happened at around 11:30 p.m. at a home in the 4500 block of Scenario Drive, police said.
The crash occurred around 12:09 a.m. on North Anaheim Boulevard.
The shooting left 18-year-old Noah Ivancso dead in May 2023, according to the Riverside County Sheriff's Office.
Big Bear eagles Jackie and Shadow welcomed their first egg of the nesting season on Friday.
A pursuit ended in a Riverside parking lot after San Bernardino County deputies shot and killed the suspect on Thursday.
San Bernardino City Council member Treasure Ortiz was charged with two counts of eavesdropping for illegally recording police in connection to her $2 million lawsuit against the city.
The Seahawks and the Patriots previously met in the Super Bowl back in 2015, when a last-second goal line interception by Malcolm Butler sealed the win for New England.
Flight cancellations are continuing to mount as the U.S. is being hit with dangerous winter weather from a storm moving across the country.
Bystander videos verified by CBS News show the scene from multiple angles before and during the fatal shooting of 37-year-old Alex Pretti in Minneapolis.
The 37-year-old man killed by a federal officer in Minneapolis is identified by his family as Alex Jeffrey Pretti, an intensive care nurse who was "very upset with what was happening" in the ICE crackdown.
The NBA game between the Minnesota Timberwolves and Golden State Warriors has been postponed following another fatal shooting by federal immigration officers in Minneapolis.
Canada this month negotiated a deal to lower tariffs on Chinese electric vehicles in return for lower import taxes on Canadian farm products.
The 5-year-old immigrant boy taken into ICE custody alongside his father in Minnesota has an active immigration case and cannot be legally deported yet, records reviewed by CBS News indicate.
A year ago, a law that effectively banned TikTok in the U.S. went into effect, though President Trump has not enforced it.
The Department of Homeland Security disputes a Minnesota school district's claims that ICE agents used a 5-year-old boy as bait before taking the boy and his father into custody Wednesday.
Gov. Newsom is accusing the Trump administration of pressuring a planned interview between a U.S. media company and the Democratic governor to be cancelled. The Trump administration has fired back at those claims.
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.
Kawhi Leonard scored 21 of his 28 points in the first half as the Los Angeles Clippers built a 38-point lead in the second quarter and beat the Brooklyn Nets 126-89 on Sunday.
Rookie Beckett Sennecke scored at 2:54 of overtime for his first NHL hat trick as the Anaheim Ducks rallied to beat the Calgary Flames 4-3 Sunday night.
The Seahawks and the Patriots previously met in the Super Bowl back in 2015, when a last-second goal line interception by Malcolm Butler sealed the win for New England.
A stunning back and forth contest ended in Seattle's favor on Sunday as Sam Darnold tossed for 310 yards and three touchdowns to lead the Seahawks to Super Bowl LX, where they'll face the New England Patriots.
Gabriela Jaquez scored 19 points and No. 3 UCLA beat Northwestern 80-46 on Sunday for its 13th straight victory.
Among the names missing when the 98th Academy Award nominations were announced were Ariana Grande, George Clooney, Paul Mescal, Denzel Washington, and anyone associated with "Wicked: For Good."
The nominees for the 98th annual Academy Awards were announced Thursday morning, and though "One Battle After Another," "Marty Supreme," "Frankenstein" and "Hamnet" were all nominated for plenty, it was "Sinners" that broke through with a record-smashing 16 nominations.
A judge has ordered that actor Timothy Busfield be released from jail during a detention hearing on child sex abuse charges.
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.
A new USC study looked at state efforts to help the homeless population find shelter not only for themselves but also for their pets. Nicholas Weinmeister, from the Homelessness Policy Research Institute, said shelters that accept pets are rare, but about five years ago, the state decided to invest in them.
Thousands of Kaiser Permanente health care workers across California and Hawaii are on the picket lines calling for safer working conditions and fair wages. Union leaders have accused the company of stalling negotiations at the bargaining table.
Temperatures will remain calm and cool on Monday before a warmup begins on Tuesday.
Hundreds of people gathered in Woodland Hills on Sunday to protest in solidarity with Iran.
Police said that the man was found dead in the roadway near Euclid Street and Baker Avenue at around 9 p.m.
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.
