Is the US Regional Bank Crisis Causing a Credit Contraction?

I was arguing with my colleagues all morning about which is more important for macro markets right now. Is it the Fed decision on what they say and do today or whether the US can get to grips with the trouble that's racking the banks at the moment? My view is the latter. I think being able to short circuit that, get the credit risks under control before there's too much of a contraction are probably the number one thing to be worried about right now. And in fact, in recent Bank of America survey of market participants, that credit risk and the risk of a contagion for a bank to bank is really what investors number one concern is right now.