The big news last week was China’s announcement of its latest economic growth target and the lack of an announcement of any new major economic stimulus – both widely viewed as disappointments. The consequences were far reaching considering that the lower-than-expected target has big implications for the global economy, commodity markets, and more. Adding to investors’ bad mood last week was Fed chair Jerome Powell spooking markets by warning that the US central bank might have to revert back to bigger interest rate hikes. What’s more, Powell said that the Fed will most likely have to increase interest rates to a higher peak than previously thought. That led to big moves in the bond market and left the yield curve in its steepest inversion in 42 years – a strong signal of a looming recession. Finally, Silvergate Capital announced plans to wind down its operations after the digital assets industry’s latest meltdown sapped the bank’s financial strength. But it wasn’t the only bank in trouble last week, with Silicon Valley Bank also collapsing in what will go down as the second-biggest US bank failure in history. Find out more in this week’s review.