Recession fears stoked by stock swings, rising inflation, oil price spike as West shuns Russian crude after Ukraine invasion, China virus surge and crypto decline

Yellen, 74, previously served as Federal Reserve chair where she shifted focus from inflation to bringing down unemployment; she will be 3rd Jewish treasury secretary in a row

Pioneering economist is respected by both sides of aisle, from Trump to Elizabeth Warren, and would be first woman to serve in key post

Declines in manufacturing output and industrial production are far worse than what was expected by economists