We got your scorecard on Wall Street, but winter stay late.

Welcome to Closing Bell overtime. I am John Fort.

Morgan is off today, and we got a can't miss interview coming your way.

In just a moment, we're going to talk to Treasury Secretary Janet Yellen

about the looming debt ceiling deadline what will happen if a deal can't be

reached on time but we begin this hour with breaking news out of the Fed and the release of the

biannual financial stability report Leslie Picker has the details. Leslie

Hey John yes inflation and bank stress top the list of risks to the U.S. financial stability

based on that survey that the New York Fed conducts with outside experts.

The Fed published these results in its biannual financial stability report released just moments ago.

Inflation has topped the list since the fall of 2021, but following the bank failures in March a large number of respondents

highlighted the risk that more banks would come under stress.

Many of them also mentioned the vulnerabilities in real estate markets

with CRE exposures triggering further concerns.

The Fed says in the report that CRE valuations remain elevated and that a correction could

be, quote, sizable.

The report saying that the Fed and FDIC's, quote,

the report saying that the Fed and FDIC's, quote, decisive actions following the March bank failures,

stabilized markets and deposit flows preventing broader spillovers in the banking system.

However, the Fed notes that some banks experience deposit outflows which continue to experience

stress and may weigh on credit conditions going forward.

This could result in a slowdown in economic activity.

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