The Fed overtightened and did so way too fast. And now it's becoming obvious. The Fed Funds rates needs to be somewhere closer to 3-4% but they painted themselves into a corner so now they have to own the policy mistake.The Fed faces one of its toughest calls in years: whether to raise rates again to fight stubbornly high inflation or take a timeout amid the [most intense banking crisis since 2008.]Spread between short and long-dated rates vol shows traders are now more uncertain about near term Fed policy path than they have ever been

Full notes: https://www.notion.so/kylascan/Silicon-Valley-Bank-3dba234141cc4c3889a1e6a13a52bec9

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