Turmoil in the U.S. banking sector isn’t just a problem for the U.S. It also increases the risks of a global recession.

U.S. Treasury Secretary Janet Yellen told bankers on Tuesday that she is prepared to intervene to protect depositors in smaller U.S. banks suffering deposit runs that threaten more contagion amid the worst financial system turmoil in more than a decade.

Democrats on Capitol Hill are defending their vote for a 2018 banking deregulation bill that President Biden and other members of the party are blaming for last week’s stunning collapse of Silicon Valley Bank and Signature Bank.

Total nonfarm payroll employment rose by 311,000 in February, and the unemployment rate edged up to 3.6 percent, the U.S. Bureau of Labor Statistics reported today.

The warnings keep coming that the force-fed energy transition to renewable fuels is destabilizing the U.S. electric grid, but is anyone in government paying attention? Another S.O.S. came Friday in an ominous report from PJM Interconnection, one of the nation’s largest grid operators.

The Federal Reserve’s preferred measure for inflation, the personal consumption expenditures price index, showed headline inflation rose 5.4% from a year ago as of January and 0.6% for the month. Core inflation excluding volatile food and energy prices increased 4.7% and 0.6% for the month.