In a letter to lawmakers today, Janet Yellen says the Treasury Department's "best estimate" is that its extraordinary accounting measures will no longer be able to satisfy all the government's obligations by early June.

The IRS has already noted 14 federal disasters in 2023—including tornadoes, mudslides, winter storms, severe rains, and flooding. These events have tax consequences for individuals and businesses.

The trend is a sign that soaring bond yields are spurring corporations to look at ways to cut their borrowing costs.

One of Prime Minister Rishi Sunak's top priorities for 2023 is to cut inflation in half, but three months in, consumer prices are back where they started—rising at an annual rate of 10.1%.