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.
Watch CBS News
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."
President Trump has lashed out against Federal Reserve Chair Jerome Powell for weeks.
A 20-year-old Florida State University student opened fire on the school's Tallahassee campus Thursday, killing two people and wounding at least six others. Authorities later identified him as Phoenix Ikner. Events at the campus are canceled until at least Sunday after the Thursday shooting. Meanwhile President Trump has called for the termination of Federal Reserve Chairman Jerome Powell after his recent warning about how Trump's tariffs could affect the economy.
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.
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 Federal Reserve is leaving its benchmark interest rate unchanged as investors look for signals that a cut is imminent.
Although inflation has slowed sharply, Fed officials are again tapping the brakes to ensure the economy slows.
The U.S. central bank eases up its efforts to curb inflation amid concerns about banking industry risks.
Rates are at their highest level in 15 years as policymakers try to tamp down inflation without torpedoing the economy.
S&P 500 suffered its biggest drop in two months after Fed chair Jerome Powell said rates will remain high "for some time."
Tyrese Maxey will be the first Philadelphia 76ers player to compete in the Three-Point Contest since Kyle Korver in 2005.
Two firefighters and two residents were taken to the hospital after a house fire in Wilmington on Sunday, officials said.
A man died after being hit by a westbound Market-Frankford Line train in Philadelphia, a SEPTA spokesperson said Sunday.
A man is in critical condition after being hit by a car going through a McDonald's drive-thru in the city's Crescentville section, Philadelphia Police said.
Lindsey Vonn, who came out of retirement to compete in the Milano Cortina Games, is in stable condition after her crash.
Arctic air remains Sunday as highs only climb into the upper teens. Philadelphia woke up to temps around 5 degrees, the first single-digit low for the city since 2022.
Tyrese Maxey will be the first Philadelphia 76ers player to compete in the Three-Point Contest since Kyle Korver in 2005.
Two firefighters and two residents were taken to the hospital after a house fire in Wilmington on Sunday, officials said.
A man died after being hit by a westbound Market-Frankford Line train in Philadelphia, a SEPTA spokesperson said Sunday.
Camden firefighter Howard Bennett died after falling into the icy Delaware River Thursday.
A man died after being hit by a westbound Market-Frankford Line train in Philadelphia, a SEPTA spokesperson said Sunday.
A man is in critical condition after being hit by a car going through a McDonald's drive-thru in the city's Crescentville section, Philadelphia Police said.
As part of a 38-city tour across North America, the FIFA World Cup trophy is coming to Philly before competition kicks off.
The Please Touch Museum marked Black History Month with a daylong celebration centered on representation, creativity and possibility.
Power companies across the Philadelphia region and Lehigh Valley are reporting some outages Saturday while high wind alerts are in effect.
Power companies across the Philadelphia region and Lehigh Valley are reporting some outages Saturday while high wind alerts are in effect.
The coldest air of the season is set to slide over the Philadelphia area this weekend, which could lead to frost quakes, ice quakes and lake quakes.
A number of restaurants in the Philadelphia area landed on OpenTable's list of the Top 100 Romantic Restaurants in the U.S.
After a portion of the Keansburg Fishing Pier crashed into the Raritan Bay, there's now concern at other marinas and piers that are being hit by ice chunks.
John Quinesso Sr., a World War II veteran from South Jersey, still drives himself everywhere he needs to go.
Two firefighters and two residents were taken to the hospital after a house fire in Wilmington on Sunday, officials said.
Power companies across the Philadelphia region and Lehigh Valley are reporting some outages Saturday while high wind alerts are in effect.
The coldest air of the season is set to slide over the Philadelphia area this weekend, which could lead to frost quakes, ice quakes and lake quakes.
The man whom Jill Biden divorced for the eventual 46th President of the United States is now in jail on murder charges.
A Delaware man is behind bars after he allegedly attacked two other men over a parking dispute, police say.
A new kind of joint replacement is now available for people who have a certain kind of arthritis in the hand.
A person with a confirmed case of measles visited an urgent care center in Collegeville, Pennsylvania, last month, health officials said.
A toddler and a dog from Los Angeles have a unique bond that came together thanks to a Philly doctor and a story from CBS News Philadelphia.
New Jersey has less than a one-week supply of red blood cells and less than a day's supply of platelets, health officials say.
For Kolin and his family, CHOP was a home away from home while he waited for a heart transplant.
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.
The city says residents shouldn't park on a major stretch of South Broad Street in Philadelphia Tuesday for a snow removal operation.
Traffic is starting to move again on Roosevelt Boulevard after a fatal crash shut down the road in both directions Friday morning.
Snow-covered sidewalks, freezing temperatures and more have made commutes challenging for many public transit riders across Philadelphia.
Philadelphia is closing several roads in Center City Tuesday night to remove snow after a winter storm dumped nearly 10 inches over the weekend.
Transportation service will ramp up gradually Monday across the Philadelphia area following the weekend snowstorm.
Tyrese Maxey will be the first Philadelphia 76ers player to compete in the Three-Point Contest since Kyle Korver in 2005.
Lindsey Vonn, who came out of retirement to compete in the Milano Cortina Games, is in stable condition after her crash.
Joel Embiid scored 33 points, Tyrese Maxey added 29 as the 76ers beat the cold-shooting Suns Saturday night.
As part of a 38-city tour across North America, the FIFA World Cup trophy is coming to Philly before competition kicks off.
Bad Bunny is set to take the stage at halftime for the 2026 Super Bowl. Here's who else is performing at Super Bowl 60.
Brad Arnold, the founder and lead singer of the 3 Doors Down has died following "his courageous battle with cancer," the rock band announced Saturday on social media.
Bad Bunny is set to take the stage at halftime for the 2026 Super Bowl. Here's who else is performing at Super Bowl 60.
Don't miss the 2026 Winter Olympics opening ceremony. Here's how to watch live, stream for free and catch replays.
The Temple University Jazz Band is releasing its first internationally-recorded album after placing first at the National Collegiate Jazz Championship.
Mural Arts Philadelphia is looking for an artist or team of artists to design a mural honoring Boyz II Men's contributions to music and culture as the city celebrates America's 250th anniversary.
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.
The Philadelphia City Council is set to vote this week on a bill that would place a three-year suspension on dog breeding across the city. The bill specifically targets the sale and breeding of dogs under 7 months old.
A water main break in North Philadelphia created an icy mess on the 2300 block of North Park Avenue Saturday night. Plus, Sunday is the last day to visit the Philadelphia Auto Show, and frigid temperatures stick around for another day before a midweek warm-up.
Arctic air remains in place all day Sunday as temperatures only climb into the upper teens Sunday afternoon. While it won't be as windy as Saturday, wind gusts around 25 mph through the day will likely keep wind chills near zero or into the single digits. Finally by Tuesday afternoon, temperatures will climb back above freezing with highs in the upper 30s.
The Puerto Rican community in Philadelphia is hosting several watch parties for the Super Bowl, aka Benito Bowl, on Sunday. Puerto Rican artist Bad Bunny will perform during the halftime show.
For decades, the Pennsylvania SPCA has helped animals beat the odds and overcome heartbreaking abuse. Animal advocate Carol Erickson introduces us to some of the animals recently rescued by the PSPCA.