CBS Evening News, 01/12/26

President Trump has long criticized Fed Chair Jerome Powell. Now Powell is pushing back, claiming a DOJ investigation is retaliation for refusing to cut interest rates, as bipartisan concerns grow over the Federal Reserve’s independence. Mass protests that erupted in Iran last month are now entering a third week, with some demonstrators calling for an end to the Islamic Republic. President Trump has threatened U.S. military action if Iran’s leaders continue a lethal crackdown on their own citizens, but says the regime wants to negotiate. Reza Pahlavi, Iran's exiled crown prince, called on President Trump to take action against the Iranian regime sooner rather than later. Here’s what he told CBS News’ Norah O'Donnell.