Bank failures, bailouts divide Congress on next steps
Here is a look at what lawmakers are saying and planning as the fallout continues from the collapse of Silicon Valley Bank and Signature Bank.
Parent of Silicon Valley Bank seeks bankruptcy protection
The parent of Silicon Valley Bank, seized last week by the U.S., is filing for Chapter 11 bankruptcy protection.
First Republic receives $30-billion rescue from 11 large banks
Meanwhile, Treasury Secretary Janet Yellen is firmly reassuring Congress and the nation that the U.S. banking system remains sound.
Egg prices still up 55% over last year despite slight reduction in February
In the CPI data, egg prices in February posted a 55% increase in the one-year span from the same month the prior year.
2 failed banks, February inflation remaining high put Fed in tough spot
The government reported Tuesday that February prices were still elevated, which could drive another interest rate hike. But the collapse of two banks in recent days has the potential to stop it.
Biden tells US to have confidence in banks after 2 collapse
President Joe Biden on Monday told Americans the nation’s financial systems were safe, seeking to project calm following the swift and stunning collapse of two banks that prompted fears of a broader upheaval.
Silicon Valley Bank seized by regulators
Silicon Valley Bank, known as SVB, is the largest bank failure since the height of the 2008 financial crisis.
President Biden rolls out budget plan, challenges GOP to follow suit
President Joe Biden chose a union training center in Philadelphia to lay out his new 10-year budget proposal and challenge congressional Republicans to release their own spending blueprint.
Americans feeling most pessimistic about financial future since 2010, survey shows
Just 31% of Americans expect their personal financial situation to improve over the next year.
Powell signals increased interest rate hikes if economy stays strong
Chair Jerome Powell's comments raise the possibility that the Fed will increase its key interest rate by a half-percentage point at its next meeting, after having carried out a quarter-point hike in February.
Housing affordability is at the lowest level in over a decade
Home prices are finally falling after hitting an all-time high in 2022, but ownership is still out of reach for many Americans.
Lowe's Foundation invests $50M to address 'critical' tradespeople worker shortage
The construction industry will need an estimated 546,000 more workers "on top of the normal pace of hiring in 2023 to meet the demand for labor," analysts say.
Costco maintaining low rotisserie chicken prices
Rotisserie chicken is just one example of key categories Costco members covet
Education industry at highest risk for layoffs over next 6 months: survey
A recent survey reveals that the education sector was the most susceptible to layoffs in 2023 if there's a recession.
'Real leader': Biden nominates Julie Su as next US labor secretary
Julie Su, a civil rights attorney and former head of California’s labor department, was central to negotiations between labor and freight rail companies late last year, working to avert an economically debilitating strike.
The Tooth Fairy also falls victim to inflation, poll finds
At this rate, by 2048, the Tooth Fairy would be paying $30 a tooth.
Can the Fed keep raising interest rates without causing a recession? Research says no
Such an "immaculate disinflation" has never happened before, economists say.
Fed officials signal more rate hikes likely amid sticky inflation, minutes show
Federal Reserve policymakers see more interest rate hikes ahead.
Plunging natural gas prices eases inflation concerns
Natural gas accounts for nearly 25% of residential energy needs, making it a big driver in last year’s worst bout of inflation in 40 years.
White House says GOP plans would add $3 trillion to national debt
The White House is charging the GOP with hypocrisy for favoring tax policies that could push the accumulated $31.4 trillion national debt higher.