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.
Milder Thursday in Philadelphia region before snowstorm this weekend. Here's the weather forecast.
A town hall hosted by DataOne, the company behind a proposed data center, sought to reassure the community about the project's potential impact on Vineland.
A Mansfield Township landlord allegedly used chloroform when he molested two of his tenants, officials said.
San Francisco Giants outfielder Jung Hoo Lee was detained by Customs and Border Protection agents at LAX on Wednesday.
George Raveling, a former Villanova star player and coach, might be best known as the guy who helped bring Michael Jordan to Nike in the 1980s.
Philadelphia could see the heaviest snow of the season this weekend, but it all depends on the storm's track. Here's what we know.
The new owners of the shuttered Crozer-Chester Medical Center plan to bring back essential health care services to thousands in Delaware County.
Milder Thursday in Philadelphia region before snowstorm this weekend. Here's the weather forecast.
A town hall hosted by DataOne, the company behind a proposed data center, sought to reassure the community about the project's potential impact on Vineland.
A Mansfield Township landlord allegedly used chloroform when he molested two of his tenants, officials said.
The man was electrocuted and died inside the Brith Sholom Apartments in West Philadelphia, officials said.
The new owners of the shuttered Crozer-Chester Medical Center plan to bring back essential health care services to thousands in Delaware County.
Penn Medicine has a new way to reduce hospital noise, as monitors and alarms can be stressful for patients, especially premature babies.
The Lower Merion Police Department donated hours to help detective Dan Gilbert after he received news that his wife had cancer.
Mural artists are creating No. 1 sculptures celebrating historic places and inventions that were created in Philadelphia.
A town hall hosted by DataOne, the company behind a proposed data center, sought to reassure the community about the project's potential impact on Vineland.
A Mansfield Township landlord allegedly used chloroform when he molested two of his tenants, officials said.
A 42-year-old Millville man was charged with attempted murder after allegedly firing multiple gunshots at New Jersey State troopers, state police said.
Ahead of a major weekend winter storm, many airlines are dropping change fees so travelers can rebook their flights.
A Luzerne County man was arrested for vandalizing a Humpty Dumpty statue at a mini golf course in Cape May, police said.
Philadelphia could see the heaviest snow of the season this weekend, but it all depends on the storm's track. Here's what we know.
Delaware State Corp. Matthew Snook was shot and killed inside a Wilmington DMV in late December 2025.
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.
Penn Medicine has a new way to reduce hospital noise, as monitors and alarms can be stressful for patients, especially premature babies.
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.
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 Philadelphia left one person dead and four other people injured Thursday night.
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.
San Francisco Giants outfielder Jung Hoo Lee was detained by Customs and Border Protection agents at LAX on Wednesday.
George Raveling, a former Villanova star player and coach, might be best known as the guy who helped bring Michael Jordan to Nike in the 1980s.
Devin Booker scored 27 points as the Suns beat the 76ers 116-110 on Tuesday night in a matchup of teams playing the second game of a back-to-back.
Phillies legends Chase Utley, Cole Hamels and Jimmy Rollins each fell short of making the Hall of Fame.
After a dramatic growth spurt and work at Ascent Athlete, St. Joe's Prep pitcher Cole Kuhn is throwing the baseball world a major curveball.
George Raveling, a former Villanova star player and coach, might be best known as the guy who helped bring Michael Jordan to Nike in the 1980s.
The 2026 Songwriters Hall of Fame inductees were revealed on "CBS Mornings" on Wednesday. See the full list.
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.
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.
Bill Kelly has the latest NEXT Weather forecast as the Philadelphia region prepares for a snowstorm this weekend.
Bristol Township in Bucks County is getting equipment ready for what could turn into a major snowstorm in the Philadelphia region this weekend.
The meeting comes as data centers tied to artificial intelligence face growing scrutiny nationwide, particularly over their resource demands.
Some businesses are adopting a common houshold practice to help lower health risks. Stephanie Stahl reports.
Families in Delaware County are still adjusting to the freezing tempratures sweeping the area as a snowstorm looks to bring several inches of snow. Madeleine Wright reports.