Quick Take
An update since futures opened last night
- SVB depositors will have access to all of their money on March 13.
- The Signature Bank closed — all depositors will be made whole.
- Fed will make available additional funding to eligible depository institutions.
- First Republic Bank is down 52% pre-market, while Credit Suisse is down another 10% as contagion spreads.
- The new bailout acronym is called “Bank Term Funding Program“.
- The solution is to provide banks with an alternative to liquidate their bond holdings when they need to raise liquidity to meet outflows of deposits.
- Bitcoin went above $22,000, while gold approaches $1,900
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