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."
Crews are on the scene of a fire and people may be trapped in a high-occupancy building.
Media Mayor Joi Washington, the borough's first Black leader, says being a pioneer isn't easy.
Malvern Prep sophomore Matt O'Neill is looking to win back-to-back National Prep titles, and his hustle started at an early age.
Many Philly neighborhoods are still dealing with massive piles of snow that the city dumped at around 30 sites.
The Supreme Court on Friday ruled President Trump does not have the authority to unilaterally impose sweeping tariffs under a federal emergency powers law.
We've issued a NEXT Weather Alert for Sunday into Monday as we track the possibility of a wintry mix and snow.
Crews are on the scene of a fire and people may be trapped in a high-occupancy building.
Displays about slavery at the President's House in Old City are being reinstalled nearly a month after they were removed by order of the Trump administration.
Media Mayor Joi Washington, the borough's first Black leader, says being a pioneer isn't easy.
Malvern Prep sophomore Matt O'Neill is looking to win back-to-back National Prep titles, and his hustle started at an early age.
Crews are on the scene of a fire and people may be trapped in a high-occupancy building.
Media Mayor Joi Washington, the borough's first Black leader, says being a pioneer isn't easy.
Many Philly neighborhoods are still dealing with massive piles of snow that the city dumped at around 30 sites.
A shooting in Norristown led police to uncover two rival human trafficking operations that spanned into New York City.
The Philadelphia Catholic League basketball championships are set for a Sunday doubleheader at the Palestra.
The New Jersey Department of Environmental Protection said more than 1,100 dead birds have been reported statewide between Saturday and Monday.
One child was taken to the hospital after a crash involving a school bus in Lindenwold, New Jersey, Thursday afternoon.
A New Jersey barbershop employee is facing charges after allegedly placing cameras in the shop's bathroom, police said.
Wawa says these four bottled milk products could present a choking hazard and are being recalled as a precaution.
The Diocese of Camden has agreed to a $180-million settlement resolving decades of sex abuse claims made against former priests.
Wawa says these four bottled milk products could present a choking hazard and are being recalled as a precaution.
The long-ago first husband of first lady Jill Biden pleaded not guilty to charges that he killed his current wife in Delaware.
A fire that broke out at a wastewater treatment facility in Wilmington, Delaware, is under control after an explosion early Tuesday morning.
Ice is still impacting bodies of water around the Philadelphia area after a long stretch of cold temperatures.
Two firefighters and two residents were taken to the hospital after a house fire in Wilmington on Sunday, officials said.
With their fathers in mind, two female therapists founded Black Men Heal to help change the perception about caring for your mental health.
Sick and dying geese at Alcyon Lake in Pitman, New Jersey, had presumed cases of bird flu, officials said in a news release.
A Code Orange alert is in effect Wednesday, Feb. 18, for all of southeastern Pennsylvania due to poor air quality levels around the region.
A nationwide shortage of estrogen patches used for hormone replacement therapy has prompted many women to look for alternatives for treating symptoms of menopause.
Pennsylvania Hospital in Philadelphia is the country's oldest hospital and will become a museum for the nation's 250th birthday in 2026.
Move over, Wawa, "there's a new player in town." Customers shed light on Pennsylvania's heated rivalry as Sheetz opened its first store in Montgomery County.
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.
Martin Luther King Jr. Drive in Philadelphia has reopened following emergency repairs, according to the city.
A stretch of Spruce Street in Philadelphia's University City section is closed until further notice because of a water main break.
Police and fire crews are once again responding to the scene of a train fire that broke out Thursday.
More than 100 speed bumps near Philadelphia schools were installed improperly, a new report says.
The Downingtown Interchange on the Pennsylvania Turnpike reopened Wednesday night after a canopy over the toll booths collapsed.
Malvern Prep sophomore Matt O'Neill is looking to win back-to-back National Prep titles, and his hustle started at an early age.
Jalen Johnson had 32 points and 10 rebounds, and CJ McCollum added 23 points as the Hawks beat the 76ers 117-107 on Thursday night in the teams' first game after the All-Star break.
The Philadelphia Catholic League basketball championships are set for a Sunday doubleheader at the Palestra.
Three figure skaters from Team USA competed in the women's individual free skate event at the Milan Cortina Winter Games.
Thousands of volunteers will help with the PGA Championship in Delaware County in May.
In April 2025, Eric Dane announced he had been diagnosed with amyotrophic lateral sclerosis, or ALS.
Bruce Springsteen is bringing the Land of Hope and Dreams tour to Xfinity Mobile Arena in Philadelphia on May 8.
J. Cole's "The Fall-Off Tour" will stop at Xfinity Mobile Arena in Philadelphia in July.
Robert Duvall was in such classics as "The Godfather," "To Kill a Mockingbird," "M*A*S*H," "The Great Santini" and "Tender Mercies."
"Dawson's Creek" and "Varsity Blues" star James Van Der Beek has died at 48 years old.
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.
Philadelphia's celebration to mark firsts that happened in the city continues Saturday with a Firstival celebrating the Chinatown Friendship Gate.
President Trump does not have the authority to unilaterally impose sweeping tariffs on nearly every country under a federal emergency powers law, the U.S. Supreme Court ruled on Friday.
In this week's The Heartbeat, host Ashley Harder checks out The Delaware Water Gap in the Poconos.
Scam callers know it's tax season, and they're getting increasingly more threatening and creating false urgency to try to steal your personal information and your money. Josh Sidorowicz is In Your Corner with more on how to protect yourself and your loved ones from phishing and scam calls claiming to be from the IRS.
After the city of Philadelphia received nearly 10 inches of snow and ice, followed by over 2 weeks of bitter cold temperatures, snow piles are still here nearly a month after the storm. Residents are asking when the snow will finally melt. Our Wakisha Bailey is out at one of the city's melting sites, and we hear from Meteorologist Kate Bilo about what's taking so long for this snow to go away.