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unfolding in the banking sector has boosted the odds of a recession in the u.s. within the next year. but treasury secretary janet yellen is about to wrap up her senate testimony and she argued the fallout has been contained. i can reassure the members of the committee that our banking system is sound and that americans can feel confident that their deposits will be there when they need them. this week s actions demonstrate our resolute commitment to ensure that our financial system remains strong and that depositors savings remain safe. now, the market seemed skeptical until they got word that chase and morgan stanley are considering rescuing the struggling first republic bank. regional bank stocks are mixed, which is actually a major improvement from earlier today. elsewhere in the economy some promising new data on jobs and mortgage rates. we have cnn s matt egan, who s here once again to help make heads or tails of all of this for us. okay, matt, let s start he ....
we begin with the recovery efforts under way off the south carolina coastline following that dramatic takedown of a suspected chinese spy balloon yesterday. the u.s. military blasting the balloon out of the sky after it drifted over the atlantic near myrtle beach. president biden saying he ordered the military to take it down on wednesday. now, efforts are under way to recover the debris and analyze it to find out what it may have been doing as it drifted across the u.s. over the last few days. chinese is accusing the u.s. of overreacting. we re covering this from all angles from the nation s capital to the coast where the balloon was shot down. let s start with diane gallagher in surfside beach, south carolina, where the recovery operation is under way, even though the conditions right now are allwful. what are you hearing about the search and recovery efforts of the debris? reporter: the weather not exactly clear as it was yesterday when everybody here in the myrtle ....
times of tragedy in times of crisis, they stand up and they show up. mississippi s governor visits a town flattened by a powerful tornado for the neighborhoods that were leveled . the recovery is only just beginning. political turmoil in israel, benjamin netanyahu is under pressure from his own government to halt plans on judicial reform. now we re hearing an announcement on that could be imminent. we alive in televisa and jerusalem. with the latest and the manhattan grand jury is expected to continue its investigation and donald trump later today we will ask our political analyst if an indictment is likely. live from cnn center. this is cnn newsroom. with rosemary church. good to have you with us, and we begin this hour in the southeastern us, where millions are under the threat of more severe storms, bringing large hail and damaging winds to areas already struggling to recover from an earlier rash of storms over the weekend, at least 10 confirmed. tornadoes strike mis ....
world, i m u.s. officials are tracking a suspected chinese spy balloon that s moving towards the east coast. we ll hear how beijing is trying to explain how it ended up floating above the united states. thunder, snow, fierce winds and temperatures reaching triple digits below zero. all part of the arctic blast that s hitting the u.s. northeast this weekend, and millions will feel it. meanwhile, in ukraine there are signs that russian troops are preparing for a spring military offensive. this is cnn newsroom, with kim brunhubber. a suspected chinese spy balloon will finally leave u.s. air space in a couple of days or could be sooner. some new weather models show the winds pushing it over the atlantic as early as today. the pentagon has been closely tracking the object and it s carrying a large payload of surveillance gear. military officials are advising against shooting it down now. china that has apologized and said the balloon entered u.s. air space by acciden ....
provocation in the skies. the u.s. says the wreckage of the unmanned drone may not be recover. but russia commits to finding it. top biden administration officials lashed out, calling russia s actions recollectless and escape. russia to says it shouldn t have been flying during a special military operation. natasha, what are we learning about this incident and also the wreckage? the race is on, really to find this wreckage. what we are told is apparently the u.s. does not have any navy assets in the area that could readily go and pick up that wreckage, so it would be difficult to large a rescue mission for the drone. it s appearing more likely that it will not be covered by the u.s. russia is now saying they intend to try to find the drone s well. with the secretary of security council, saying they do intend to launch a mission to try to find a drone, landed in the black sea after being harassed by two fighters jets on tuesday. however, we told the u.s. did take steps ....