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More shocking fallout as even bigger market swings reverberate around the world.
Friday's bond/rates markets moves were almost indescribable. Somehow today's were even bigger. What is going on isn't just about SVB, though looking into SVB can help provide us with some clues. Either way, markets continued to hedge for the worst even after Fed, FDIC, and everything over the weekend which was supposed to calm everything down.
Eurodollar University's Money & Macro Analysis
SVB March 8, 2023, SEC Form 8-K
https://d18rn0p25nwr6d.cloudfront.net/CIK-0000719739/eede72d3-1cc6-45ee-89cf-3dc4f59469ad.pdf
Federal Reserve March 12, 2023, Press Release…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.