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Apr 15, 2023
2 min read
Banking Crisis May Be Abating
We've previously observed that any day without a banking crisis is a good day for stocks. SVB imploded on Friday, March 10. On Sunday, March 12, the Fed and FDIC took actions to avoid additional bank runs. The S&P 500 is up 7.1% since March 10 led by Information Technology (9.8%), Health Care (8.6), and Utilities (7.6%) (chart). All of the sectors are up since then including even the Financials (0.1).
An economy-wide credit crunch isn’t likely to result from the latest banking crisis, which may be abating already. We are monitoring the situation by tracking the Fed’s weekly H.8 report titled “
Assets and Liabilities of Commercial Banks in the United States,” released on Fridays at 4:15 pm. We do so in our Commercial Bank Book. Here are the latest findings through the week of April 5 (chart):
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