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...

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