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Chris Whalen on Big Bank Earnings and the Return of Credit Risk

Forward Guidance

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The Fed's Negative Effects on the Market

The Silicon Valley bank fell two days later, Signature Bank was taken over on a Sunday at the same time the Fed rolled out that the BTFP. The FDIC clearly had no warning when we saw two banks go down in less than two weeks. We do not need to see that. And it's frankly a pretty severe indictment of the Fed, because the whole plate of going big and providing massive amounts of liquidity in the market was to avoid precisely these sorts of problems.

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