[Zetice]

My layperson understanding is that this is a Bad Thing, but not the surprising outcome SVB was. The market, other banks, consumers, etc had a long window to digest this, so it won’t cause new panic the same way.

Considering all of the stops the fed pulled out to prevent future bank liquidity failures, this probably means some gross negligence was revealed by the market state that goes well beyond even blatant risk mismanagement.

Or not, I’m not an expert!