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.
Federal Reserve Chair Jerome Powell said he's facing a federal criminal investigation. While Powell said the DOJ probe is tied to testimony he gave last summer over a renovations project for Fed buildings, he said a in a video released Sunday that "the threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president."
Bitcoin has erased all of its 2025 gains and is on track for its worst monthly performance since 2022. Here's what experts say about the decline.
The Federal Reserve announced its second interest-rate cut of 2025 Wednesday, lowering its benchmark rate by 0.25 percentage points.
The Federal Reserve is slated to meet to consider another rate cut. It comes even as a near-total blackout of federal economic data continues with the government shutdown. Hear more on how a rate cut could impact your money on our new CBS News Philadelphia In Your Corner podcast.
President Trump has lashed out against Federal Reserve Chair Jerome Powell for weeks.
Federal Reserve Chairman Jerome Powell warned this week that President Trump's tariff plan could cause higher unemployment, inflation and a potential economic slowdown. Jim Donovan has your latest morning headlines with weather from Meteorologist Grant Gilmore.
The Federal Reserve just lowered its benchmark rate by 0.50 percentage points. Here's how the move could impact your finances.
The Federal Reserve is leaving its benchmark interest rate unchanged as investors look for signals that a cut is imminent.
The Fed left its benchmark interest rate unchanged amid persistent inflation. Bankers are predicting three rate cuts later this year.
The Fed is meeting today to decide whether to again raise rates as it battle inflation. Here's what it means for interest rates and mortgages.
Although inflation has slowed sharply, Fed officials are again tapping the brakes to ensure the economy slows.
After 10 straight interest-rate hikes, borrowers face sharply higher costs for credit cards, mortgages and other loans.
After raising rates from zero to 5% in 15 months, the central bank is pausing to assess the economic impact of monetary tightening.
The Federal Reserve is hitting the pause button on interest rates, thanks in part, to the latest inflation numbers from May. Jessica Kartalija reports. READ MORE: https://cbsloc.al/3qGC22S
President Biden is hoping to stack the Central Bank with its top governors as it continues working to stem inflation.
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.
The U.S. central bank eases up its efforts to curb inflation amid concerns about banking industry risks.
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.
Because inflation is easing, Fed is increasing rates at slower pace. But borrowing will still be more expensive.
Rates are at their highest level in 15 years as policymakers try to tamp down inflation without torpedoing the economy.
Latest jump is the fourth supersized rate hike this year, as the central bank tries to subdue stubbornly high inflation.
On today's show, Matt discussed Jill Stein's failed recount effort in PA, Trump's reaffirmed victory in Wisconsin, and whether or not you're obligated to tip around the holidays. At 4pm retired secret service agent Robert Caltabiano joined the show to discuss potential Russian hacking of US political institutions. At 5:30pm author and Forbes contributor Chris Versace checked in to tell us what we can expect from the market before the years end.
Janet Yellen expects interest rates to "gradually increase," but she did not specify a timetable.
Federal Reserve Chair Janet Yellen's speech to the World Affairs Council in Philadelphia on Monday was a last chance to get insights into Fed thinking on its next rate move, before next week's monetary policy meeting.
Inviting sunshine will greet you on Friday in the Philadelphia region, but don't be fooled, it will be bitterly cold.
Four-and-a-half years ago, the then 8-year-old was shot and killed by police outside of a high school football game in Delaware County.
Sidney Crosby scored one of Pittsburgh's three power-play goals and the Penguins beat the Philadelphia Flyers 6-3.
The Phillies signed Venezuelan outfielder Francisco Renteria, the No. 3 overall prospect in MLB Pipeline's international rankings.
A multi-vehicle crash on Lincoln Drive in Fairmount Park has left one person dead and four other people injured Thursday night, Philadelphia police said.
A multi-vehicle crash on Lincoln Drive in Fairmount Park has left one person dead and four other people injured Thursday night, Philadelphia police said.
Multiple players and people named in the college basketball point-shaving indictment are connected to the Philly region.
Inviting sunshine will greet you on Friday in the Philadelphia region, but don't be fooled, it will be bitterly cold.
Four-and-a-half years ago, the then 8-year-old was shot and killed by police outside of a high school football game in Delaware County.
Jahmez Cartwright, a Philadelphia teenager, is missing, but police say his phone last pinged in San Diego.
Four-and-a-half years ago, the then 8-year-old was shot and killed by police outside of a high school football game in Delaware County.
Center City District Restaurant Week returns this weekend with more than 120 locations offering discounted dining deals.
Construction is underway at Ryan's Rise Up Café in Glen Mills with the goal of creating opportunities for people with disabilities.
A woman went to the Eagles' playoff game in Philadelphia and now can't find her car. Was it a courtesy tow or stolen? No one knows.
Jahmez Cartwright, a Philadelphia teenager, is missing, but police say his phone last pinged in San Diego.
A woman went to the Eagles' playoff game in Philadelphia and now can't find her car. Was it a courtesy tow or stolen? No one knows.
A four-alarm fire broke out at a high-rise building in Atlantic City, New Jersey.
Minor league hockey returns to Trenton, New Jersey, in 2026-27 for the first time in 13 years: meet the Ironhawks of the ECHL.
The New Jersey governor highlighted his achievements during his eight years in office in his final State of the State address.
New Jersey is suing a recycling company over a series of fires at scrap metal yards in Camden.
New Castle County Police are searching for Richard Kirchner, of Elkton, Maryland, after he allegedly ripped off several homeowners.
U.S. Army Lt. Col. Louis E. Roemer, who died as a POW during World War II, has been officially accounted for.
A flock in Kent County, Delaware, tested presumptive positive for avian influenza, officials say.
The Delaware Farm Bureau has announced the 10 winners of its annual amateur photography contest.
Hundreds of people gathered for a final farewell to Delaware State Trooper Matthew "Ty" Snook after he was shot and killed inside a Wilmington DMV.
A Philadelphia doctor said some chatbots can be dangerous for children.
A special art show at Bryn Mawr Rehab Hospital aims to raise community awareness about cognitive and physical disabilities.
A special group of students in West Philadelphia received a surprise celebration on Friday before heading to college Monday.
New Jersey has confirmed its first pediatric flu death of the 2025-26 season, which health leaders warn has been seeing cases spread at alarming rates.
Whether you have COVID or the common cold, doctors say it's important to know what you have so you get the right kind of treatment.
Former Sheetz president and CEO Steve Sheetz has died at age 77, the Altoona-based company announced on Monday.
The post-Christmas return rush was underway at shops and malls across the Philadelphia area.
With product return fraud on the rise, an emerging company is using AI to help spot issues.
Here are mall opening and closing hours for the Christmas and Christmas Eve holidays around the Philly region.
Through Amazon Now, customers can get household items, cosmetics, electronics, groceries and more delivered in about 30 minutes or less.
A multi-vehicle crash on Lincoln Drive in Fairmount Park has left one person dead and four other people injured Thursday night, Philadelphia police said.
Officials in Philadelphia say they're working to reopen the Center City bus terminal in time for celebrations of America's 250th birthday.
Morning express trains on SEPTA's Regional Rail will resume Monday, Jan. 12, after months of delays and commuter frustrations.
A crash on Chester Pike knocked out power in Norwood and Prospect Park early Thursday morning.
Motorists running the red light at the intersection of Kelly Drive and Eakins Oval in Philadelphia will start getting $100 fines on Jan. 8.
Sidney Crosby scored one of Pittsburgh's three power-play goals and the Penguins beat the Philadelphia Flyers 6-3.
The Phillies signed Venezuelan outfielder Francisco Renteria, the No. 3 overall prospect in MLB Pipeline's international rankings.
The Philadelphia Eagles need a new offensive coordinator after moving on from Kevin Patullo.
A woman went to the Eagles' playoff game in Philadelphia and now can't find her car. Was it a courtesy tow or stolen? No one knows.
Multiple players and people named in the college basketball point-shaving indictment are connected to the Philly region.
Jake Dillon, the musician behind Delco Donny, is using his virality to share his original songs while teaching music to others.
Scott Adams, the cartoonist who created the "Dilbert" comic strip, has died at the age of 68, his first ex-wife revealed on Tuesday.
The 2026 Golden Globes honored the standouts in both film and television from last year. See the full list of winners and nominees.
Here is everything you need to know about how to watch and stream the 2026 Golden Globes.
Bob Weir wrote or co-wrote and sang lead vocals on Grateful Dead classics including "Sugar Magnolia," "One More Saturday Night" and "Mexicali Blues."
Ukee Washington reports.
Natasha Brown reports.
Natasha Brown reports.
Natasha Brown reports.
Ukee Washington reports.
Middle school students in Philadelphia got the opportunity to do hands-on learning during the school district's five-day career and technical camp.
With her Girl Talk mentoring program, one Philadelphia teen turned her camp days into a safe space to discuss social issues young girls face every day.
Recent high school graduate Sylvain Farrell says his temporary position at a local clinic is the pathway to a full-time career.
A Philadelphia student won an award from NFL Films for his documentary on bringing back sports teams at his Kensington school.
A group of East Norriton eighth graders took what started as an Earth Day project and made a whole initiative.
Tammie Souza says Friday in the Philadelphia region will be bitterly cold as an Arctic blast hits the Delaware Valley. Here's the latest NEXT Weather forecast.
The family of Fanta Bility continued to honor the little girl's legacy Thursday in Sharon Hill.
The deadly crash on Lincoln Drive is under investigation.
A South Jersey mom surprised her son with Eagles tickets Sunday, and it turned into a nightmare. When they left the game, her car was gone. She thought it was stolen, but police told her it was courtesy-towed.
Tammie Souza has the latest NEXT Weather forecast for the Philadelphia region on a blustery Thursday night.