And...the floodgates are open...or are they?
https://www.investors.com/market-tre...e-bank-stocks/
And the floodgates are barricaded as soon as the announcement of Signature Bank's collapse as a result of another bank run, regulators concede and guarantees all of SVB's depositors money.
Quote:
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Dow Jones futures jumped Sunday night, along with S&P 500 futures and Nasdaq futures amid flurry of news. The FDIC and other financial regulators announced that all SVB Financial depositors will get access to all funds Monday morning, while also announcing a plan to limit the contagion. Regulators also said they would close embattled Signature Bank (SBNY). An auction for SVB and Silicon Valley Bank took place Sunday, though no winner has been announced.
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This was absolutely needed, this was going to be catastrophic as the contagion was realizing itself.
Now we wait to see the economic damage as a result of some very negligent economic policies in the past 2 years, but needless to say for the rest of the year rates are likely to stay as is or go negative to save the economy.