Wed March 15, 2023
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.
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...