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.
The Federal Reserve is grappling with economic issues including higher inflation and a slowing labor market.
The Federal Reserve said it is cutting rates by 0.25 percentage points, its second rate cut of the year.
The Federal Reserve announced its second interest rate cut of 2024, but Trump's economic priorities could impact future policy.
Donald Trump's victory in the 2024 presidential election is likely to have a major impact on the economy. Here's what to know.
The Federal Reserve just lowered its benchmark rate by 0.50 percentage points. Here's how the move could impact your finances.
The Fed's decision will lower borrowing costs from a 23-year high as the central bank pivots to shoring up economic growth.
The Fed is leaving its benchmark interest rate unchanged, noting a lack of progress in curbing inflation.
In its last rate decision of 2023, the central bank said it is holding its benchmark rate steady amid cooling inflation.
As Americans collected government aid and saved, new numbers show household wealth surged during the pandemic.
As Americans collected government aid and saved, new numbers show household wealth surged during the pandemic.
After 10 straight interest-rate hikes, borrowers face sharply higher costs for credit cards, mortgages and other loans.
Central bank officials will announce on Wednesday if they are hiking the federal funds rate for a 10th consecutive time.
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.
House prices just ended a 10-year streak, marking the first monthly year-over-year price drop since 2012.
A new economic report could pressure the Federal Reserve to raise interest rates again.
The U.S. Census Bureau said retail sales surged 3% in January. That surpasses the 1.8% economists had estimated, and it follows a slight decline in December.
While the central bank is slowing its rate increases, Jerome Powell told investors not to expect lower rates this year.
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.
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.
The Federal Reserve boosted interest rates again in a move to slow the inflation rate.
If we are headed for a recession, here's what you need to know to protect your pocketbook.
If we are in fact headed for a recession, what are some things you can do to make sure you "recession-proof" yourself? KDKA's John Shumway has some advice.
Troopers found nearly two pounds of cocaine after a traffic stop on the Pennsylvania Turnpike, the Westmoreland County District Attorney's Office announced.
After getting stuck on the railroad tracks, the truck was hit by a train and sent into the porch of a nearby home.
36-year-old Glenn Thomas was taken into custody as a joint investigation between several federal, state, and local agencies.
The man was taken to the hospital in critical condition.
The bipartisan "Bell-to-Bell" bill bars students from using their phones any time they're in school, not just during instructional periods.
Troopers found nearly two pounds of cocaine after a traffic stop on the Pennsylvania Turnpike, the Westmoreland County District Attorney's Office announced.
After getting stuck on the railroad tracks, the truck was hit by a train and sent into the porch of a nearby home.
36-year-old Glenn Thomas was taken into custody as a joint investigation between several federal, state, and local agencies.
The man was taken to the hospital in critical condition.
The bipartisan "Bell-to-Bell" bill bars students from using their phones any time they're in school, not just during instructional periods.
The bipartisan "Bell-to-Bell" bill bars students from using their phones any time they're in school, not just during instructional periods.
It was only a few months ago that Pennsylvania passed the 2025 budget several months late, and now the process begins for this year.
Pennsylvania Gov. Shapiro delivered his fourth budget address at the State Capitol in Harrisburg, three months after last year's budget was passed by state lawmakers.
A federal judge on Monday blocked the Trump administration from revoking Temporary Protected Status for Haitians, granting a last-minute reprieve to 350,000 immigrants who were set to lose protections on Tuesday.
Five-year-old Liam Conejo Ramos and his father were released from ICE custody on Sunday, a day after a federal court ordered their release.
A woman and her husband are fighting for a $400 refund after they bought furniture from a Value City Furniture store.
It's the end of an era for a grocery store in Carrick.
A Pennsylvania couple says Kia wrongly denied a warranty claim after their car's engine failed at 80,000 miles.
Scams targeting utility customers are on the rise in Pennsylvania, the attorney general says.
A handful of Pittsburgh-area Value City Furniture stores are going out of business after their parent company filed for bankruptcy.
Daisy Jade is back at Neubauer's Flowers and while we still deal with the cold and snow, they're thinking spring!
Pittsburgh Magazine's Sean Collier is back like he is every Thursday giving you the best of the burgh for this weekend!
We find Team PTL's Daisy Jade at Neubauer's Flowers in Uniontown where she's finding some of the perfect flowers for Valentine's Day!
While Heather and David might be joined in the PTL Kitchen by Cesina's Sausage owner John Costanza, today is more about resilience than it is food.
Every great love story has a beginning, and maybe some bubbly! Elizabeth Langbell from Fine Wine & Good Spirits joins Heather and David to show them a sampling of the best and most affordable sparkling wines for Valentine's Day!
Residents of Millvale are trying to get back to normal after last weekend's major snowstorm.
Tracing the past of Shane Hennen and how his troubled life in Pittsburgh pointed to his future downfall.
People in Avella, Washington County, say they have no phone coverage.
Residents and leaders in Charleroi are concerned about the integrity of roads after a trench collapse last year and ongoing construction.
Patrick Vereb is accused of taking money from pet owners who believed their animals would receive dignified cremations.
Southwestern Pennsylvania's cold and snowy winter is taking its toll on more than just our roadways and walkways.
The Liberty-Clairton area is under a code orange air quality action day, according to the Pa. Dept. of Environmental Protection.
The cold weather and lingering snow affect more than just the roads and our cars, it affects our brains.
After the historic snowfall, dangerously low temperatures crept into the Pittsburgh region, bringing a hidden danger that can turn painful in seconds.
The yearly tradition marks the start of months of training for Pittsburgh Marathon participants.
Brian Angelichio has spent the last four seasons as the passing game coordinator and tight ends coach for the Minnesota Vikings.
Western Pennsylvania has historically been a hotbed for producing talent that succeeds in the NFL.
Peyton, Kendall, and Chase Coury have the Burrell Bucs in position to make the WPIAL playoffs.
The Lions fan who was involved in an altercation with Steelers WR DK Metcalf and filed a $100 million lawsuit held a press conference.
Gavin McKenna is facing multiple charges, including felony aggravated assault, according to court records.
More than 140 employees at Nemacolin were informed they were being let go.
It's been about six years since the pandemic, and a lot of people working from home, but now companies are slowly calling them back to the office.
Pittsburgh Mayor Corey O'Connor on Tuesday announced a new initiative aimed at revitalizing neighborhood business districts across the city.
A handful of Pittsburgh-area Value City Furniture stores are going out of business after their parent company filed for bankruptcy.
It has been five years since the home improvement retailer Menards bought a large parcel of land off Route 30 in Westmoreland County.
Filming for the final season of "Mayor of Kingstown" is expected to take place between March and June.
Many Super Bowl 60 ads are already online, along with teasers for commercials that will be unveiled during the NFL championship on Feb. 8.
"Stick Season" singer Noah Kahan is coming to Pittsburgh this summer.
Music's biggest night returned Sunday with the 68th annual Grammy Awards. Here is how to watch and stream and what to know.
Catherine O'Hara was best known for her comic performances in projects including "Home Alone," "Beetlejuice," and "Schitt's Creek."
Daisy Jade is back at Neubauer's Flowers and while we still deal with the cold and snow, they're thinking spring!
Pittsburgh Magazine's Sean Collier is back like he is every Thursday giving you the best of the burgh for this weekend!
We find Team PTL's Daisy Jade at Neubauer's Flowers in Uniontown where she's finding some of the perfect flowers for Valentine's Day!
While Heather and David might be joined in the PTL Kitchen by Cesina's Sausage owner John Costanza, today is more about resilience than it is food.
Every great love story has a beginning, and maybe some bubbly! Elizabeth Langbell from Fine Wine & Good Spirits joins Heather and David to show them a sampling of the best and most affordable sparkling wines for Valentine's Day!
Mike Tomlin stepped down as head coach of the Pittsburgh Steelers after 19 seasons with the team.
Pitt's regular season has ended with an 8-4 record.
Pitt's five-game winning streak came to an end with a 37-15 loss to Notre Dame.
Mason Heintschel set a new Pitt freshman single-game passing record in the Pitt win at Acrisure Stadium.
The 44th annual KDKA-TV Turkey Fund will help our neighbors in need have a nice meal for Thanksgiving.
