Bill Ackman predicts economic disaster and warns of deposit outflows and banking crisis.

Billionaire investor Bill Ackman warns that the US economy is heading for a "train wreck" as the Federal Reserve raises interest rates and Treasury Secretary Janet Yellen walks back on plans to support depositors. Ackman also highlights risks to smaller banks and their ability to access low-cost capital. The recent banking turmoil, including the implosions of Silicon Valley Bank and Signature Bank in the US, and the government-backed takeover of Swiss banking giant Credit Suisse by UBS in Switzerland, has led to uncertainty and people moving $500 billion from smaller lenders to safer havens. Ackman urges further federal intervention to prevent the crisis from getting worse.