News Wrap: Inflation shows signs of easing but prices well above where they were last year

In our news wrap Tuesday, inflation shows fresh signs of easing but prices are still well above where they were a year ago, millions of Americans bore the brunt of foul weather from atmospheric rivers to nor'easters, the state of Ohio is suing Norfolk Southern over last month's train derailment and Facebook's" parent company Meta announced it's cutting 10,000 more jobs this year.

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  • Geoff Bennett:

    In the day's other headlines: Inflation shows fresh signs of easing, but prices are still well above where they were a year ago.

    The Labor Departments report from February finds consumer prices rose 0.4 percent from January. On a year-to-year basis, prices climbed 6 percent. That's down from the peak of more than 9 percent last June.

    There's word tonight that the collapse of Silicon Valley Bank has triggered two federal investigations. Reports today say the Justice Department and the Securities and Exchange Commission have opened parallel probes. Regulators are looking into sales of stock by bank executives in the days before the collapse.

    Millions of Americans bore the brunt of foul weather today, from atmospheric rivers to nor'easters.

    Stephanie Sy reports, heavy snow and fresh rounds of rain brought new disruptions and dangers.

  • Stephanie Sy:

    The wrath of winter is once again bearing down on both sides of the country.

    In the Northeast, a wet, snowy storm moved in this morning, low visibility on roads making it dangerous for drivers to get around parts of New England, as well as Upstate New York, Northeastern Pennsylvania and Northern New Jersey.

  • Woman:

    I mean, the drive was like pretty crazy. There's some power lines down.

  • Stephanie Sy:

    It's why Massachusetts Governor Maura Healey cautioned drivers to stay put when possible.

  • Gov. Maura Healey (D-MA):

    We just ask people to stay safe, stay off the roads. This is a long, sustaining storm. And so we're not out of it.

  • Stephanie Sy:

    Hundreds of flights were canceled, the majority of them at Boston and New York City area airports. Hundreds of schools had to be closed too.

    Forecasters say the storm will last through Wednesday with snow accumulation predicted to reach two feet in the highest elevations. Meanwhile, in the West, crews in California rushed to repair a broken levee on the central coast just as more rain started falling.

    The levee break has already led to flooding in the agricultural community of Pajaro, where this mother had to evacuate her family last minute. She says she needs to get back.

  • Maria, Pajaro, California, Resident (through translator):

    The only thing we want is to pass the bridge to get our things that we left, because we don't have clothes. Many parents left their work tools at home. Then how are we going to work?

  • Stephanie Sy:

    Monterey County officials are warning of a similar fate for the Salinas River, which is at risk of flooding roadways and agricultural land in coming days.

    For the "PBS NewsHour," I'm Stephanie Sy.

  • Geoff Bennett:

    All told, California has been hit by 10 atmospheric river storms this winter.

    The state of Ohio is suing Norfolk Southern railroad over last month's train derailment in East Palestine. The federal lawsuit aims to make Norfolk Southern pay for cleanup, environmental damages and economic losses. The state says it doesn't yet know what the total cost will be.

    In Ukraine, President Volodymyr Zelenskyy's office says top commanders have agreed again to hold firm at Bakhmut. Russian forces have been trying to capture the front-line eastern city for seven months. Meantime, in the city of Kramatorsk, a Russian strike left gaping holes in a low-rise apartment building today. At least one person was killed.

    Facebook's parent company, Meta, announced today it's cutting 10,000 more jobs this year. The social media giant also said it won't be filling 5,000 positions that were already vacant. Meta has slashed 11,000 jobs last November in the face of declining revenue.

    On Wall Street, bank stocks bounced back and the broader market rallied. The Dow Jones industrial average gained 336 points, or 1 percent, to close it 32155. The Nasdaq rose 2 percent. The S&P 500 added 1.7 percent.

    And a passing of note: A trailblazing former congresswoman, Pat Schroeder, died overnight. The Colorado Democrat had suffered a stroke in Celebration, Florida, her home in recent years. Starting in 1973, Schroeder served 12 terms and made a name with her sharp wit. She branded Ronald Reagan the — quote — "Teflon president" and often recalled the sexism when she faced while serving in Congress.

  • Fmr. Rep. Pat Schroeder (D-CO):

    When the 47th reporter asked me how I could be a mother and a congresswoman, I said: "Because I have a brain and a uterus, and they both work."


  • Fmr. Rep. Pat Schroeder:

    And let me tell you, I was in trouble for a very, very long time.

  • Geoff Bennett:

    Schroeder was frozen out of key committee assignments, but she still managed to push through the landmark Family Leave Act in 1993.

    Pat Schroeder was 82 years old.

    And still to come on the "NewsHour": the EPA announces new rules to limit toxic chemicals in drinking water; Australia buys American-made submarines to counter China's growing presence in the Pacific; and a theater in Appalachian, Virginia, works to rise above stereotypes.

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