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.
President Trump has lashed out against Federal Reserve Chair Jerome Powell for weeks.
Economy showed solid fourth-quarter growth, though roughly a percentage point below economist expectations.
The Federal Reserve on Wednesday moved to lower its benchmark rate by 0.25 percentage points, but said it plans fewer cuts in 2025.
Fed Chair Jerome Powell responded with a one-word answer when asked if he'd step down if asked by President-elect Donald Trump.
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.
Officials want more data to be confident that inflation is abating, according to the minutes of their July 25-26 meeting.
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.
Investors cheered after U.S. consumer prices fell last month more than Wall Street expected.
Damaged skateboards that would otherwise end up in landfills have been repurposed and transformed into works of art.
Stockton police on Friday said they were investigating "suspicious elements" in the death of an elderly woman.
The San Francisco 49ers have signed free agent linebacker Dre Greenlaw, welcoming back an impact player and fan favorite whose absence was felt on the defensive squad.
A police investigation nearby prompted the Sacramento Zoo to be placed on lockdown early Friday afternoon.
The latest release of oil follows historic withdrawals from the Biden administration to combat gas prices from the Ukraine war.
Stockton police on Friday said they were investigating "suspicious elements" in the death of an elderly woman.
Damaged skateboards that would otherwise end up in landfills have been repurposed and transformed into works of art.
The San Francisco 49ers have signed free agent linebacker Dre Greenlaw, welcoming back an impact player and fan favorite whose absence was felt on the defensive squad.
A police investigation nearby prompted the Sacramento Zoo to be placed on lockdown early Friday afternoon.
The latest release of oil follows historic withdrawals from the Biden administration to combat gas prices from the Ukraine war.
New moves have been made to support more permanent housing in Sacramento, but some fear it could put some short-term rentals like Airbnbs out of business.
The Sacramento Police Department said officers shot a suspect near an elementary school in the Northgate area on Tuesday evening after responding to reports of a person armed with a knife.
While the infant was being taken to an area hospital, officials said the child's pulse returned and they began breathing on their own.
It's a busy afternoon at the Taylor Morrison Willdhawk community worksite in Sacramento. Before the nail-guns and hammers go to work, Stephanie Martinez ensures safety comes first.
U.S. Army Reserve Chief Warrant Officer Robert Marzan's presumed death in Iran adds to the long list of California Gold Star Families who have lost a loved one in the line of duty.
The war with Iran is now leading to growing concerns among California farmers over a fertilizer shortage, with many fertilizing products coming from shipments that are stuck in the Persian Gulf. tuck in the Persian Gulf.
Getting a gallon of gas for under $3? In California, it's possible if you choose the right pump.
Drivers across California are feeling the impact of soaring gas prices in what feels like overnight.
An 8-year-old child was airlifted to a hospital after plunging 30 feet from a chair lift at the Sierra-at-Tahoe ski resort over the weekend, authorities said.
The California Department of Motor Vehicles said the federal government is requiring approximately 13,000 non-domiciled commercial truck drivers statewide to have their licenses revoked, effective immediately.
The San Francisco 49ers have signed free agent linebacker Dre Greenlaw, welcoming back an impact player and fan favorite whose absence was felt on the defensive squad.
After winning two gold medals at the Winter Olympics, Alysa Liu received a hero's welcome at a hometown celebration in Oakland.
The San Francisco 49ers made official on Thursday one of the top free-agent acquisitions in the NFL this offseason, announcing Mike Evans was signed to a three-year deal.
LaMelo Ball scored 20 of his 30 points in the first half and the Charlotte Hornets beat the Sacramento Kings 117-109 on Wednesday night.
Sacramento outscored the Bulls 68-36 in the paint.
A federal judge has quashed a pair of grand jury subpoenas sent to the Federal Reserve Board as part of a criminal probe by U.S. Attorney Jeanine Pirro's office.
President Trump said Friday that the U.S. military had conducted "one of the most power bombing raids" on Iran's Kharg Island, a vital oil hub for the country.
An aerial refueling tanker crashed in Western Iraq, U.S. officials said.
The federal observer program sends neutral observers to monitor election sites to ensure voters don't experience discrimination at the polls.
The first week of the U.S.'s war with Iran cost around $11.3 billion, military officials told members of Congress in a briefing this week, according to sources familiar with the meeting.
Food containing norovirus may smell and taste normal but still cause serious illness if consumed, FDA warns.
HHS Secretary RFK Jr. wants the popular coffee chains to prove their surgery drinks are safe for teens and suggested the Trump administration could place limits on your cup of coffee.
Public health officials say they've confirmed two cases of measles in Sacramento County.
Multiple elephant seal pups along the Northern California coast have tested positive for the deadly avian influenza, or bird flu, according to new research from the University of California.
Here's what to know about TrumpRx, including how it works, who can use it, and how much money it can save.
Finding the perfect dress isn't easy, but now, selling them could become a lot more challenging.
This weekend, Placer County is hosting its annual Sip Into Spring event, offering free or discounted tastings at more than 20 wineries along what's known as the Placer Wine Trail.
From fruits and veggies to car parts, economists project that businesses will pass along the cost of the tariffs to customers.
An economic blackout was underway Friday as activists nationwide encouraged people not to spend their money at large corporations, retailers and fast-food chains for 24 hours.
San Joaquin County's retail theft reporting app has only been around for six months and is already bringing a sense of calmness to local business owners.
President Trump and Gov. Gavin Newsom have made several different claims about California gas prices. Here's what we found.
This year-long investigation provides an unprecedented look at California's one-party supermajority legislature through the eyes of grieving parents who discover how California lawmakers kill popular bills by not voting.
This year-long investigation by CBS News California investigative correspondent Julie Watts examines the many components of California's new tougher-on-crime law.
A Natomas mother demanded that her daughter be exhumed and cremated after a Sacramento cemetery moved her grave without telling the family.
The California Highway Patrol captain accused of workers' compensation fraud was the commander in charge of the fatal Mahaney Park shootout in Roseville, three officers who worked under him at the time of the shootout said.
CBS13 and the Call Kurtis consumer investigative team devised an idea on how to lower what consumers owe on their credit cards -- and it begins with a simple phone call.
No one wants to think about death. However, it's important to plan on what happens to your digital assets after you die.
After spending $18,000 on waterproof laminate floors, a Natomas couple spotted damage after the first cleaning.
More than a year after Hai Pham canceled the trial membership, he kept getting charged every month for it.
A Natomas mother demanded that her daughter be exhumed and cremated after a Sacramento cemetery moved her grave without telling the family.
Six months after a California wildfire destroyed dozens of homes in the Tuolumne County community of Chinese Camp, officials say debris removal is now complete and properties are being returned to their owners.
A man has been arrested and charged in connection with the Tiger Fire that burned 118 acres in California's Amador County last summer and forced evacuations near Pioneer.
A major home developer is rethinking how communities are built in wildfire-prone areas and the future is taking shape in El Dorado County.
San Joaquin County secured a grant aimed at helping to build a wildfire protection plan for the entire county.
More than two dozen structures were destroyed in a wildfire in the eastern Sierra Nevada mountains on Wednesday afternoon, officials said.
A Sacramento County dog picked up thousands of miles from home after he went missing five years ago was reunited with his family on Wednesday.
What started as a suspicious circumstances call for Rancho Cordova police ended with a newborn surprise.
A once-empty lot behind Church of the Cross in north Modesto now hosts a thriving community garden with more than 140 plots and growers from across the globe.
A Sacramento-area middle school history and English teacher is in the running to win big as America's Favorite Teacher, a title her students think she is more than worthy of being awarded.
Junior Romello Bruhn of Woodland Christian High School is closer than ever to scoring 3,000 career points, something only 13 high school athletes have accomplished in California state history.
Woodland Christian defeats Laguna Hills 63-30.
Nina Burns reports.
Here's a look at the weather forecast Friday evening.
Damaged skateboards that would otherwise end up in landfills have been repurposed and transformed into works of art.
Stockton police on Friday said they were investigating "suspicious elements" in the death of an elderly woman.