The Case for a 22% Drop in S&P 500
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The Fed's Response to Silicon Valley Bank and Signature Bank
There's a lot of believers in that notion that maybe we get one or two more rate hikes from the Fed, but that balance sheet is open for business again. We do have to give the Fed FDIC and Treasury a lot of credit, obviously missed the problem, but they addressed it very rapidly. And so the Fed will more than likely only hike one to two more times. But advocating that the Fed is going to come to the rescue prior to having more downside pain in the economy and markets, we think is very naive at this stretch of the game.
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