Banks are some $2 trillion underwater with their bond portfolios

So now what? You don’t just lose Silicon Valley Bank, Signature Bank and Credit Suisse in a week without repercussions. 

More failures and quickie mergers are inevitable—banks are some $2 trillion underwater with their bond portfolios.

Stablecoin USDC had $3.3 billion deposited at SVB.

Last week saw February home prices down 0.2% year over year, the first drop in 11 years.

 By the way, the mortgage-debt market is $8 trillion. And $1.5 trillion in commercial real estate debt is due over the next three years. Work from home means future office vacancies, a ticking bomb.

Andy Kessler WSJ 26 March 2023

https://www.wsj.com/articles/the-economy-gets-wrung-out-earnings-layoffs-credit-fed-svb-bailout-merger-crypto-recession-5b957cb

Things are looking better: no bank collapsed over the weekend,

SVB has a new owner, and even Deutsche Bank shares are trading higher.

MarketWatch 27 March 2023

https://englundmacro.blogspot.com/2023/03/things-are-looking-better-no-bank.html

The chair of the Federal Deposit Insurance Corporation reveals that 

the 10 largest deposit accounts at Silicon Valley Bank held a combined $13.3 billion, a detail that’s likely to intensify criticism of federal regulators’ intervention in the firm’s recent collapse.

https://www.nakedcapitalism.com/2023/03/the-billionaire-bailout-fdic-chair-says-the-biggest-deposit-accounts-at-svb-held-13-billion.html