The Unknowable Uncertainty of How Many Rate Increases Is a Regional Banking Crisis Worth

At a first pass, I would say FDIC increase, maybe more likely. We're worried about Congress not dealing with the debt ceiling in a timely of enough manner to avoid a default by the US government. If we don't see credit standards being reflected as tighter, the market will simply look at that information as dated because it doesn't have the recent leg of the saga.