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We're getting a better idea of how the banking crisis is progressing - no thanks to authorities.
The hawks are back at the Fed doing what Fed hawks always do. Beginning with overestimating their own tools, they then overestimate the resilience of the banking system before also overestimating how great the economy is because of the unemployment rate. Never mind they didn't see any of this coming, they assure you there's nothing else coming.
Eurodollar University's Money & Macro Analysis
Financial Stabilization and Macroeconomic Stabilization: Two Tools for Two Problems
Governor Christopher J. Waller
https://www.federalreserve.gov/newsevents/speech/waller20230414a.htm
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The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.