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GRAND RAPIDS, Mich. (AP) — Bartender Catey Regis had a pricey misadventure buying a used car recently — an experience that speaks to why voters are worrying about the U.S. economy going into this year's presidential election. “To me, it’s a telltale sign about the economy," Regis explained from a bar stool after her shift. But conversations with dozens of voters around Grand Rapids — a city of 200,000 in one of Michigan’s swing counties — show they're thinking about the economy through their own experiences. Grand Rapids is the seat of Kent County, which backed Trump in 2016 and then flipped to Biden in 2020. To the extent that the economy is doing well, there is little confidence that it is necessarily sustainable.

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☆ Inflation is cooling — but many items aren’t cheaper. Here’s why
▼ + stars: | 2023-05-10 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

Instead, the pace of price increases slowed from a year ago. But they may be suffering from even bigger price increases for margarine, which was up 24%. Poorer households spend a greater portion of their income on unavoidable expenses like food and gas, which makes them more vulnerable to price increases. Not everything is responding well to interest rate hikesThe Federal Reserve spent the past year hiking interest rates in the interest of lowering inflation. When the Fed raises interest rates, it costs more for banks and other lenders to borrow money.

NEW YORK (Reuters) -U.S. authorities were preparing “material action” on Sunday to shore up deposits in Silicon Valley Bank (SVB) and stem any broader financial fallout from its sudden collapse, sources familiar with the matter told Reuters. Biden administration officials worked through the weekend to assess the impact of startup-focused lender SVB Financial Group’s failure on Friday, with a particular eye on the venture capital sector and regional banks, the sources said. REUTERS/Nathan FrandinoAnd amid increased withdrawals from other regional banks, U.S. officials are also keeping close watch on the wider sector. The S&P 500 regional banks index dropped 4.3% on Friday to end the week down 18%, its worst week since 2009. Signature Bank, First Republic Bank, PacWest Bank and Charles Schwab did not immediately respond to requests for comment.

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