TV News LIES

Stocks fell in overnight trading Sunday after Federal Reserve Chair Jerome Powell confirmed the Trump administration had opened a criminal investigation into the central bank.

Dow Jones Industrial Average futures were down 200 points shortly after 8:30 p.m. EST, falling 0.4 percent. S&P 500 futures were down 0.5 percent and Nasdaq futures were down 0.7 percent.

The slide came after Powell announced in a stunning statement that he and the Fed were under investigation by the Department of Justice (DOJ), which had issued subpoenas to bank officials Friday night and had threatened a criminal indictment.

Powell said the investigation focused on the Fed’s renovations to several buildings at its Washington, D.C., headquarters, and his testimony to the Senate Banking Committee in June about the matter.

The Fed chair, however, dismissed those concerns as “pretexts” to pressure the bank over its interest rate policy.

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There is a new deadline for U.S. importers to file for electronic refunds if the Supreme Court rules President Donald Trump’s IEEPA tariffs are illegal.

U.S. Customs published details of a new electronic refund process on Jan. 2, established as part of a March 25 Trump executive order on modernizing government payments and phasing out physical checks. 

A Supreme Court ruling on the legality of the Trump tariffs could come as early as this Friday. The mandatory deadline for importers to sign up in order to receive electronic refunds through the Automated Clearing House (ACH) network with Customs is Feb. 6.

The new digital Customs system is called ACE (Automated Commercial Environment), a secure electronic portal allowing businesses to file import/export data, manage trade information, and comply with regulations. ACE will manage the ACH refunds.

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The federal government has officially resumed garnishing wages and withholding benefits from student loan borrowers after years of legal limbo.

The Trump administration has made several moves to limit repayment options and enforce collections after an extended COVID-era pause. The federal Education Department announced a proposed legal agreement to squash the Saving on a Valuable Education, or SAVE, plan in December 2025, dealing a final blow to the Biden administration's efforts to forgive or reduce the $200 billion burden of repayment on 5 million federal borrowers.

More than 7 million SAVE borrowers have been in administrative forbearance, not requiring payments, since June 2024. Interest on their debt restarted in August 2025 and the administration announced plans to resume wage garnishment on borrowers behind on payments beginning Jan. 7, according to reports.

Here's what to know about who is at risk of having money taken from their paycheck.

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In the bowels of the US Federal Reserve this summer, two of the world’s most powerful men, sporting glistening white hard hats, stood before reporters looking like students forced to work together on a group project.

Allies of Donald Trump had spent weeks trying to manufacture a scandal around ongoing renovations of the central bank’s Washington headquarters and its costs. Now here was the US president, on a rare visit, examining the project for himself.

“It looks like it’s about $3.1bn. It went up a little bit – or a lot,” Trump said, as Jerome Powell, the typically calm Fed chair, vigorously shook his head. “So the $2.7bn is now $3.1bn–”

“I’m not aware of that, Mr President,” Powell quickly interjected, as Trump pulled out a paper from his suit pocket as evidence. “I haven’t heard that from anybody at the Fed.”

The remarkable public encounter in late July was described as a “tussle”, “spar” and “feud” by news outlets and came to symbolize an extraordinary battle for control of the world’s largest economy.

Never before has a president been so publicly, and relentlessly, critical of the country’s top monetary policymaker. For decades, successive administrations have allowed the Fed, as the institution tasked with steering the US economy, to function independently, without political interference. No longer.

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Bank of America CEO Brian Moynihan says the headlines about Gen Z’s fears about AI and the job market are real.

The bank recently hired 2,000 top grads from 200,000 applications, the executive said in an interview with CBS News‘ Margaret Brennan on Face the Nation. As companies cite AI for widespread layoffs, Moynihan acknowledges that many young people feel scared and uncertain about the future.

“My advice to those kids, if you ask them if they’re worried about, they say they’re worried about—these are kids that we hire, 200,000 applications, we hire 2000 people.” Moynihan added that “if you ask them if they’re scared, they say they are. And I understand that. But I say, harness it … It’ll be your world ahead of you,” Moynihan said.

“My advice to those kids, if you ask them if they’re worried about, they say they’re worried about—these are kids that we hire, 200,000 applications, we hire 2000 people.” Moynihan added that “if you ask them if they’re scared, they say they are. And I understand that. But I say, harness it … It’ll be your world ahead of you,” Moynihan said.

Moynihan said it’s too soon to say how AI will play out in the job market, but he hopes to use efficiencies created by the technology to invest in more growth.

Moynihan said it’s too soon to say how AI will play out in the job market, but he hopes to use efficiencies created by the technology to invest in more growth.

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The food pantry at Penn State Harrisburg saw an uptick in students during the fall semester. Aimee Wheeler, who oversees the pantry, says she expects this coming semester to be just as busy.

"I expect to see even more in January and February, because students will be coming back from winter break and be stocking up," Wheeler said.

About a year ago, she said the food pantry might have had about nine visitors in a week. But lately, it's been more like nine visitors in a single day.

"We've seen more students than ever," Wheeler said.

And it's not just Penn State Harrisburg.

"We're hearing that there [is] an uptick, an increase in visits and not enough resources to go around," said Renee Houle Catazano, a vice president at Swipe Out Hunger. The national nonprofit estimates that two in five college students face food insecurity, meaning they lack consistent access to nutritious foods.

Between the uncertainty of SNAP payments due to the government shutdown and the rising cost of living, Houle Catazano said many students feel financially strained.

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