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There is a lot more going on here than just one, no two, now three banks.
First Republic finally fails and on the same day the Fed's report on SVB is released. It says SVB was on outlier, a loner. But that only raises more questions given what happened to First Republic (or Credit Suisse). The only place to find answers is from within the monetary system itself.
Eurodollar University's Money & Macro Analysis
Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank
https://www.federalreserve.gov/publications/files/svb-review-20230428.pdf
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.