Surveillance: SVB Fallout with Michaud
Bloomberg Surveillance
00:00
The Great Zombie Roll-Up
The bank that fell last week, Silicon Valley, on all the measures was probably one of the biggest risk takers in terms of interest rates with their bond portfolio. They were an outlier. My conversation with many bank CEOs is that the deposit outflow contagion had not spread throughout the industry. And you could see, I think, if this continues, you could see it to start to affect banks that very prudently manage themselves. That's what happens when consumer behavior or commercial behavior for deposits changes quickly.
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