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The Fed's Fast Response to Bank Failures
The takeaway here is really that once something starts happening and starts breaking, it can accelerate incredibly quickly. So if you go back to March, Silvergate said they will cease operations on March 8. By March 10, SBB is already failing. And by March 19, credit Swiss was failing. That's why we've seen this very fast response from the Fed and the S&B,. We're going to talk about that because I think they're actually really important to understand the mechanics of how these things work in the greater context of risk assets.