Lending declined in many parts of the United States over recent weeks, the Federal Reserve announced Wednesday, amid financial sector troubles unleashed by the rapid collapse of Silicon Valley Bank (SVB).

Consumers are starting to fall behind on their credit card and loan payments as the economy softens, according to executives at the biggest US banks, although they said delinquency levels were still modest.

Deposits at three financial institutions fell in the first quarter as the industry’s biggest crisis in more than a decade prompted a flight of funds, with customers seeking better returns elsewhere.

Economic sanctions imposed on Russia and other countries by the United States put the dollar’s dominance at risk as targeted nations seek out an alternative, Treasury Secretary Janet Yellen said Sunday.

Banks in the Middle East and Central Asia have very limited exposure to last month’s banking turmoil in the United States and Europe, but financial pressures are adding to strains caused by high interest rates, volatile oil prices and years of double-digit inflation, a top IMF official said on Saturday.

JPMorgan Chase reported a jump in first-quarter profits Friday alongside fellow banking giants Citigroup and Wells Fargo, in reassuring news to investors after recent banking sector turmoil sparked contagion fears.

Retail sales in the United States slipped more than anticipated in March, according to government data released Friday, extending a downward trend that signals cooling in the economy.

US consumer inflation slowed in March, according to data released Wednesday, but remained well above the Federal Reserve’s target despite numerous interest rate hikes over the last year.

The World Bank should take on added reform measures this year, US Treasury Secretary Janet Yellen said Wednesday, after initial steps to update the global lender’s mission and boost its financing capacity.

Global government debt is on track to reach levels not seen since the height of the Covid-19 pandemic, the International Monetary Fund (IMF) warned on Wednesday.

Shipments of Apple Macs plunged during the first quarter of this year as the global personal computer market suffered due to tough economic conditions, market research reports said on Monday.

The International Monetary Fund on Tuesday trimmed its 2023 global growth outlook slightly as higher interest rates cool activity but warned that a severe flare-up of financial system turmoil could slash output to near recessionary levels.

A combination of sticky high interest rates and lacklustre global growth could push a number of emerging economies that are facing soaring refinancing needs into debt difficulties next year.

US Treasury Secretary Janet Yellen expects the world’s biggest economy will continue to grow, despite heightened recession concerns following recent turmoil in the banking sector.

President Joe Biden on Monday shrugged off a sharp output cut by Saudi-led Opec+ oil producers, while the White House criticized the move but said it would be of limited impact on the US economy.

The United States will likely enter a recession this year and face high inflation well into 2024, a majority of economists predicted in their response to a semiannual survey.

Orders of big-ticket manufactured items ticked down in February on a slump in defense aircraft and parts, according to US government data released Friday.

US business activity gained steam in March as orders rebounded for the first time in six months, according to a survey on Friday, which also suggested that inflation could continue to slow gradually.

The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs amid recent turmoil in financial markets spurred by the collapse of two US banks

The US Federal Reserve and other major central banks announced on Sunday a coordinated effort to improve banks’ access to liquidity, hoping to calm worries rattling the global banking sector.