Crisis? What crisis?
First, First Republic bank is most likely headed for FDIC receivership, sources say; shares drop 40%.
Second, we have the US yield curve (3M T-yield – 18M FWD 3M T-yield) crashing to the most inverted since the 1990s.
Third, we have US bank lending crashing.
Fourth, we have a shrinking middle class. Way to go Biden/Yellen/Powell!
I wish I could sing “Goodbye Biden and Yellen.” And Foul Powell too.
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