Like A Hurricane

  • Just as one was getting sick of the never ending inflation saga, here comes SVB's implosion like a hurricane.

  • We see it as more akin to last Fall's UK LDI mini crisis than a systemic worry; note that KRE RSI is at 17, XLF's is 24.

  • BTE jobs data + Fed concerned about bank risk reduces rates sharply, caps the $ and sets up ST crisis as LT buying opp.
March 10th, 2023
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