Can’t say we weren’t warned. Money and bond curves have been screaming for months trouble was lurking. A decent bout of it had erupted last fall, though hardly anyone saw it for what it was. Something about the UK, a bit of dollar activity in Switzerland. So what?
Bank runs are rather more difficult to ignore, less likely to be confused for politics or whatever other distraction. However, Silicon Valley Bank (SVB) like its compatriot Signature Bank are only a small piece of this larger story. The more recent symptoms of serious and growing inelasticity.
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