The Fed's Response to Banks

The move index is higher than 2008 highs based on this recent vol, which is pretty wild. The big question becomes how are banks going to respond in a way that doesn't prevent people from buying T-bills and putting downward pressure on the front end rates. I think that's a really interesting open question. Did the FDIC ever really want to have this much exposure? No. But we're learning that depositors will get bailed out regardless.

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