Hold on to your hats. There will be a HUGE movement from small and midsize banks, into the systematically important banks (b of a, MS, JPM, Wells, Citi and Goldman) over the next few days/weeks. Record numbers in cash. Good for those banks, but NOT good for our banking system.…. Unreal to see the futures UP right now.
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Inflation numbers are in. Good news there as inflation rises at slowest rate since Sep 2021. But still high at 6%. Egg prices are down so maybe we won’t hear about the price of freaking eggs for the next month. Bank stocks rallied today. I thought that might happen but didn’t pull the trigger. PTSD from 2008 lingers. Buy when others panic. So it looks like rates are continuing to go up for the rest of this year. I hear banks are paying more for deposits, so that’s good