SVB informs clients "back to business" yet carnage in FRC bonds, CITI+CS CDS (blowout) and KRE banks down 20% = Monetary Policy is finally "biting" = Fed can take foot off the gas. Ex-FAANG, S&P 500 P/E 14.3X ('24E), not demanding.

Monetary Policy is finally "biting" = Fed can take foot off the gas

On Monday evening, the new CEO of Silicon Valley Bank (SVB) sent an email to clients informing them SVB "is open and conducting business as usual." I mean anyone would be surprised given that SVB (formerly $SIVB) just collapsed the Friday prior (3/10) after a bank run and a worrying weekend for bank clients (nationwide) about the safety of deposits.

SVB is now operating under receivership as a "bridge bank" until the...

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