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."
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.
Old man winter is not done with us yet. A dangerously cold day is on tap as subfreezing temperatures return to the Delaware Valley.
The Center City dive bar is raising its minimum age to 25 in an effort to crack down on underage drinking and disruptive behavior.
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.
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.
Power companies across the Philadelphia region and Lehigh Valley are reporting some outages Saturday while high wind alerts are in effect.
Camden firefighter Howard Bennett died after falling into the icy Delaware River Thursday.
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.
The Center City dive bar is raising its minimum age to 25 in an effort to crack down on underage drinking and disruptive behavior.
In her five decades leading Temple University's women's fencing program, Dr. Nikki Franke broke barriers and built opportunities for future generations.
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.
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 teenager and a 21-year-old man were injured in a shooting in Wilmington Monday afternoon, police said.
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.
As part of a 38-city tour across North America, the FIFA World Cup trophy is coming to Philly before competition kicks off.
Prosecutors have dropped the most serious assault charge against Penn State hockey star Gavin McKenna.
Eagles superfan Ed Callahan, 79, won the NFL's 2025 Fan of the Year award on Thursday night.
Sonny Jurgensen's strong arm, keen wit and affable personality made him one of the most beloved figures in Washington football history.
Don't miss the 2026 Winter Olympics opening ceremony. Here's how to watch live, stream for free and catch replays.
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.
Chuck Negron, a founding member of Three Dog Night whose lead vocals powered a string of hits for one of the top rock acts of the late 1960s and early '70s has died. He was 83.
Bad Bunny used his Grammy acceptance speech on Sunday to denounce U.S. Immigration and Customs Enforcement and call for the end of the ongoing immigration crackdown.
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 Please Touch Museum marked Black History Month with a daylong celebration centered on representation, creativity and possibility. Eva Andersen reports.
Temperatures are plummeting and dangerous cold will be in place through the weekend around the Philadelphia area. NEXT Weather Meteorologist Tammie Souza has the latest forecast.
Old man winter is not done with us yet. A dangerously cold day is on tap as subfreezing temperatures return to the Delaware Valley. Bill Kelly has the forecast.
A Center City dive bar is raising its minimum age to 25 in an effort to crack down on underage drinking and disruptive behavior. Ross DiMattei reports.
Sonny Jurgensen, a Hall of Fame quarterback who began his legendary career with the Philadelphia Eagles, has died. He was 91.