The Liquidity Vacuum
Policy makers, regulators and a small bank combine to suck air from the system
WHOOSH! That’s the sound of liquidity instantly sucked out of the financial system from margin calls. Forget about SVB; the lasting shock may turn out to be the margin hit to fixed income markets. Will it blow over? Unlikely. This is not just about a single medium-sized bank. This is about the configuration of the system. In addition to existing imposts…
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