MacroVoices #368 Charlie McElligott: Banking Crisis, FOMC, 0DTE, CTAs & more
Macro Voices
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The Long Term Structural Dynamics of US Banks
Banks' profitability models were built for an era of 0% interest rates. And we're seeing the emperor has no clothes pretty clearly here. It's like long G sibs or long the SIFI banks versus short regional banks. The implications are that this profitability and solvency crisis becomes a massive financial conditions tightener.
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