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Bad banks. Bad data. Bad curves. Bad everything today as the crisis' next stage moves in.
Despite some relative calm yesterday after First Republic's failure, today was anything but as huge hedging in markets along with more turmoil in the broader banking sector. Bad economic data around the world reinforces the dangers of the 2008-style that continues to unfold right in front of us.
Eurodollar University's Money & Macro Analysis
Bberg: First Republic’s Demise Fails to Mark the All-Clear on Banks
https://www.bloomberg.com/news/articles/2023-05-01/first-republic-leaves-bank-world-still-seeking-all-clear-signal
NYT: Smaller U.S. Banks Say the Crisis Is Contained, but Fears Persist…
The skinny
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