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The White Color Recession
The Federal Reserve has, you know, variety of facilities to lend to the banking system traditional one is the discount window also known as the primary credit facility. The bank term funding program was announced two days after the fall of Silicon Valley bank and allowed banks to borrow from the Federal Reserve. It allows banks to refinance up to 365 days so if they, if a bank borrows for a one year at 5% and then interest rates go to 3% they can pay it back and re borrow at 3%. So they have that optionality, which is really important especially when a lot of banks are short interest rate optionality.