pay a roll is the silicon valley bank collapse. this hour, everything that you need to know. forget frenemies, president trump is acting as if governor desantis is his biggest rival, and the new nickname that trump is using on the trail for desantis and the regret he says that he now has. and a powerful nor easter is hitting hundreds of thousands of people with heavy snow and wind as heavy as 60 miles per hour slamming the northeast and you can see it churning there and a lot to get to this hour, and a lot to begin with the latest on the response to the banking fears. cnn business reporter matt egan processing all of the new inflation data which met expectations, and what is the new consensus this morning? well, jim and erica, it is saying that inflation is not gone, but it is cooling off. 6.5% increase in consumer prices over the last six months is not good, but it is triple what is considered healthy, but everything is relative. as you can see on the chart, the tren
in about a year and a half, still high. bill: that would normally mean another rate hike on the horizon, but the fed could be forced to rethink that. dana: the moves are designed to protect the u.s. financial system and make sure customers do not lose their deposit. bill: the president insisting this is not a bailout, some folks beg to differ. well, it is a bailout, we give a lot of support to banks. banks pay a premium for insurance, capped at 250,000. if we change the rules and give them more coverage than anybody else gets, i think that s a bailout. the think you have to understand is that what they re doing now with the bailout, printing money to solve the problem. and there is this inflation problem that started the whole thing and they re trying to fix a banking problem by printing money. that will make the inflation problem worse. dana: we have analysis, let s begin with grady. last week a rate hike was almost a given, now things are more complicated, the
a fox news alert. a russian fighter jet collided with a u.s. drone over the black sea. here we go again, sandra. brand new at 2:00, sandra smith, the president has been briefed on the matter and the u.s. was operating in international air space. it posed a there s no one and the lust reach out the u.s. will reach out to russia about what we re learning. we re also keeping an eye on the pentagon briefing and we will bring news when we get it. we begin with news impacting every single american family and that is inflation. brand new numbers out today. the consumer price index up 6% from a year ago. 6% from already high prices and that means that families are already paying stubbornly high prices as they drop plans for summer travel. the federal reserve in a tough spot about whether or not to raise interest rates further. inflation is nowhere near where they want it to be, but the silicon valley bank collapse has the markets on edge. so you have to get that inflation
the biden administration approves a controversial oil drilling project in alaska despite fierce opposition from environmentalists no losses will be borne by the taxpayers. the money would come from the fees the bank pays in the deposit insurance fund. junior doctors in england begin three days of strike action in their dispute over pay and conditions and at the academy awards, one film wins almost everything all at once, including best actress the uk s prime minister rishi sunak says china represents a challenge to world order, as it has fundamentally different values. the remark has come ahead of major talks on a defence agreemtment between the us, uk and australia, due to get under way in san diego shortly. here are pictures of president biden that move is seen as an attempt to counter chinese military power in the indo pacfic region. the discussions come as the uk also way in san diego shortly. here are pictures of president biden leaving andrews airbase for those
cruise missiles. at this hour former trump lawyer michael cohen is before a manhattan grand jury investigating hush money payments made to stormy daniels. straight ahead what he told us as he enter had courthouse. and the assurance from president biden to americans worried about their money after the collapse of two big banks in a matter of days your deposits, he says, are safe our nbc reporters are here with the latest developments. and that s where we begin on wall street, where the markets have been up and down all day after the president tried to convince americans the collapse of those two banks is not a reason for alarm cnbc s senior markets correspondent bob pisani is at the stock exchange what s happening there well, there is some relief and there is some confusion, chris. there is relief because the government stepped in and essentially made all of the depositors at silicon valley whole by saying you re not going to lose a dime that was a great sigh of relief o