Post-March FOMC, Powell cited "tight" (regarding policy/banks) 23 times vs 8 in Feb = Fed reaction function changing. 5 reasons Technology/FAANG and Bitcoin holding up, despite credit/rates turmoil.

Two weeks ago, the collapse of Silicon Valley Bank (SVB Financial) triggered the current financial crisis and these aftershocks continue. The severity of the shock is far more evident in the credit/rates markets than it is in equities.

S&P 500 is up +2.3% since 3/10 (close) led by Technology/FAANG and even Bitcoin (to an extent)The aftershocks continue. Regional banks are large players in commercial real estate (>2X larger than large banks) and credit markets are beginning to price in heightened risks in CMBS and other markets.In credit/rates, there remains significant carnage as the panic around deposits triggered an explosion of rates volatility and collapse of liquidity that amounted to a "black swan" event in credit. There are obvious signs such as the collapse of Credit Suisse ($CS $UBS) and the continued distress in some regional banks including First Republic ($FRC), PacWest ($PACW) both down >60% since then. In speaking with our credit-focused clients, trading in credit remains highly choppy and volatile, evidenced by the continued high levels of volatility measures like the ICE MOVE Index, which at 151 is well above 100 seen around "normal" times. A 150 is roughly equivalent to a 30-level for VIX. So this gives one an idea of how risk positions would be l...
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