The Latest Breaking News from Krishna Guha

Asian markets fell further Wednesday as hopes for an early interest rate cut by key central banks faded and data confirmed China's economy last year grew at its slowest pace in more than three decades.

The warnings have been sounded for more than a year: A recession is going to hit the United States

Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks is safe

Federal Reserve Chair Jerome Powell softened his tone slightly during a second day of congressional testimony, saying policymakers will wait for fresh jobs and inflation data before deciding how much to raise interest rates later this month.