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Surveillance: Kirby on Debt Ceiling

Bloomberg Surveillance

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The Bank Walk of Assets

We don't understand the duration of that pause. And we don't believe this is a credit crunch where we've just choked off the flow of credit to the economy, but it's clearly a credit cycle. The relative yield that you're getting on those T-bills is that much better. So look, I think for banks, it comes down to liquidity.

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