World

Chinese study: North Korean missile could reach US in 33 minutes

Chinese scientists are examining a potential weakness in the US missile defense system. According to the Chinese study, a North Korean missile could reach the US in 33 minutes if the US fails to intercept it. CNN's Will Ripley reports.

03:14 - Source: CNN

Secret Russian document outlines plan for destabilizing Moldova

A secret plan drawn up by Russia's security service, the FSB, lays out detailed options to destabilize Moldova -- including supporting pro-Russian groups, utilizing the Orthodox Church and threatening to cut off supplies of natural gas. CNN's Nic Robertson reports.

03:31 - Source: CNN

Ret. Col: New footage shows mid-air encounter on US drone was deliberate

Retired Col. Cedric Leighton explains why the new footage released by the US military's European Command of the mid-air encounter between a US surveillance drone and Russian fighter jets over the Black Sea shows the act was deliberate.

02:14 - Source: CNN

Large banks swoop in to rescue First Republic

Single family homes are seen in a residential neighborhood in Miramar, Florida, on October 27, 2022. (Joe Raedle/Getty Images/FILE)

The current turmoil in the financial market means it could get tougher to purchase a home, particularly if government regulators like the Federal Reserve crack down on banks in the wake of SVBs collapse. The Fed has also been on a historic rate-hiking regime to keep inflation in check, and most economists expect that to continue.

"If banks are under stress, they might be reluctant to lend," Treasury Secretary Janet Yellen said Thursday in testimony to the Senate Finance Committee. "We could see credit become more expensive and less available.

That could turn this into a source of significant downside economic risk," she added.

The banking meltdown over the past week leaves more questions than answers. The stunning collapse of two American banks and the loss of investor confidence in Credit Suisse led to wild market swings and put Wall Street on edge.

During CNNs primetime special, Bank Bust: Inside the Collapse of SVB, experts weighed in on how to best understand whats happening in a rapidly developing and confusing environment for financial institutions.

I think realistically, from what weve heard from the Fed, interest rates likely will continue to rise, said Vivian Tu, a former JPMorgan trader.

On top of that, I think a lot of folks are feeling very concerned about, Hey, if Im saving up for a down payment, is a bank a safe place to put that money?

The 30-year fixed-rate mortgage averaged 6.73% in the week ending March 9. A year ago, it was 3.85%.

Freddie Mac is set to release its average weekly mortgage rates at 12 p.m. ET on Thursday.

Economist weighs in on the health of large US financial institutions

Shares in Credit Suisse dropped more than 20%, falling to a record low. Mark Zandi, Chief Economist at Moody's Analytics, adds context to the situation.

02:14 - Source: CNN