Good morning. The banking crisis of 2023 is over, hurrah! Or at least that is how markets acted yesterday. Bank stocks — even First Republic — rallied furiously, and the market as a whole followed. The yield on the two-year Treasury shot up by more than 20 basis points, suggesting the Fed might not have to worry quite so much about financial system failure as it sets monetary policy (more on this below). Admittedly, rates are not back to where they were before Silicon Valley Bank fell apart — but stocks are. There are still a lot of good vibes priced into this market. Email us: [email protected] and [email protected].
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