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This is CBS Eye on the World.

Here's John Bachelorette.

The banking crisis, what begins in California doesn't stay in California, extends to the European

Union, and this announcement from the European Central Bank.

ECB raises rates, reports the financial times, with signal that market unrest will direct

next steps.

Benchmark increases from 2.5% to 3% ahead of Crunch UK and US Central Bank meetings next week.

I welcome Verenick to Reggie of the Mercatus Center, who's been my guide on the exciting

world of sticky inflation and what is the monetary policy at the Federal Reserve going to do

about it.

Now we start in the European Union because the ECB is responding to pressure, as I understand,

to do nothing or to moderate its rate increase because of the troubles in the large European

bank credit suites.

But Christine LeCard, as predicted, goes ahead with half a point.

That looks like a good thing because inflation is a burden on everyone and will slow what

recovery we have.

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