The Banking Sector's Lessons From the Rate Shock

What are the learnings and what do you expect to see in the banking sector over the next sort of both I guess weeks for the most urgent part of the situation. The lesson here is that banks have a lot of assets that they thought were were ultra safe and risk free but in fact carry a lot of embedded losses now these losses don't matter depending on on the accounting unless you're forced to sell them. If not taken off the table it is at least now there is a backstop to ensure that that the bank can can obtain the liquidity necessary to meet those withdrawals.