American business owners report unprecedented supply chain disruptions and price instability from multiple crises—including Trump's tariffs, the Iran war, weather disasters, and shipping challenges—forcing them to make difficult decisions with no clear end in sight. Many say conditions are worse than the Covid pandemic, with core inflation rising and businesses unable to plan ahead as customers resist price increases.
An independent review faulted Federal Reserve staff for failing to act on known vulnerabilities at Silicon Valley Bank before its 2023 collapse, the second-largest banking failure in U.S. history. Fed banking regulator Michelle Bowman attributed the supervisory inaction to a culture of risk aversion and unclear decision-making processes, despite staff knowing about mounting problems as early as March 2022. The report dismissed social media as a factor in accelerating the bank run.