Silicon Valley Bank puts a wrench in the Fed’s inflation management; Alaska’s controversial Willow project

Plus, why March Madness is for everyone, even if you don’t like sports. [View this email online]( [NPR]( by Suzanne Nuyen Good morning and Happy Pi Day! Are you baking? [Use math to make the perfect pie]( — no soggy bottoms allowed, Here’s what else we’re following today. 🥇 First up [A help wanted sign is posted in the window of a shop. ]( Mario Tama/Getty Images New inflation numbers will be released today, and it’s likely they’ll show us what we already know: Prices are still climbing. Services like meals and dental checkups, which Americans spend a lot on, are rising. Luckily, some prices — like rent — are not rising as much as they used to. ➡️ But there’s been a wrench thrown in the Fed’s strategy to reduce inflation: the Silicon Valley and Signature Bank collapses. NPR’s Scott Horsley explained on the [Up First]( podcast that the Fed's mission includes safeguarding the stability of the financial system. “It’s pretty hard to have a working economy," he said, "if the banking system falls apart.” The FDIC’s extraordinary measures to pay customers of Silicon Valley and Signature Bank raise concerns that the organization has set a dangerous precedent. Typically, [deposits are only insured up to $250,000](. NPR’s Arezou Rezvani said on [Up First]( this morning the limit is set so people don’t think “they’ll always be saved.” But. she says, regulators argue they had to make an exception because “there were signs that panic was spreading and this was the only way to keep the financial system stable.” An oil company is laying a new gravel road for a drilling project that’s raising alarms from environmentalists about climate change. Activists warn that the Willow Oil project will harm wildlife and Alaska Natives. But the local government stands to earn $1.2 billion in profits over the next 30 years. ➡️ Critics are disappointed that President Biden — who has taken more action than any other president on climate change — [approved the project](. NPR’s Jeff Brady said on [Up First]( today that the reality is, “while climate change is a big focus, the U.S. still uses nearly 20 million barrels of oil a day.” After you enjoy that slice of Pi Day pie, take a moment to observe Equal Pay Day. Observing the day in March represents how [women have to work nearly 15 months]( to earn what men made in 12. For women of color, that gap is even larger. --------------------------------------------------------------- Newsletter continues after sponsor message --------------------------------------------------------------- ❤️ I’m Really Into [David McCormack of the Kansas Jayhawks cuts down the net after defeating the North Carolina Tar Heels in March Madness last year.]( Getty Images March Madness is here, and for NPR intern and former college basketball player Hassan Burke, it’s the most exciting time of the year. He knows firsthand how “mad” March Madness can be and how hard players work to stay in the tournament for as long as possible. Burke writes about how March Madness is for everyone, regardless of your interest in sports — and [why you should fill out a bracket today](. --------------------------------------------------------------- 🎧 Today’s Listen [The Rev. Wheeler Parker Jr., last living witness of the kidnapping of Emmett Till, stands inside a church. ]( Dr. Marvel Parker The Rev. Wheeler Parker Jr. was just 16 years old when his cousin and best friend, Emmett Till, was lynched in 1955. Today, he is the last living witness of the kidnapping, and he’s still moved to tears when he thinks of that fateful night. 🎧 Listen to Parker [recount the story of his friend’s life and death]( or [read the story](. --------------------------------------------------------------- Before you go [A side by side photo of a gray and white cat (left) and a black dog licking an ice cream cone.]( Ben de la Cruz/NPR; Lauren Migaki/NPR - It’s totally possible to catch a virus from your beloved pets. But don’t worry, scientists say you [don’t need to cuddle your dog or cat any less](. And, you could be getting them sick too. - An invasive snail species has had a surprising impact on the health of the Florida Everglades: It’s [saving an endangered bird](. - Sen. Mitch McConnell is out of the hospital after five days of observation and treatment for a [fall that resulted in a concussion](. --------------------------------------------------------------- Stream your local NPR station. Visit NPR.org to find your local station stream. [Find a Station]( --------------------------------------------------------------- Enjoying this newsletter? Forward to a friend! They can [sign up here](. Looking for more great content? [Check out all of our newsletter offerings]( — including Music, Politics, Health and more! You received this message because you're subscribed to Daily News emails. This email was sent by National Public Radio, Inc., 1111 North Capitol Street NE, Washington, DC 20002 [Unsubscribe]( | [Privacy Policy]( [NPR logo]