Run on the Bank

There are large mark-to-market losses in bonds across the economy…even at the Fed

Succinct Summary: SVB failed last week. Before Wednesday, it was perceived as one of the highest-quality banks in the country. But in the course of one trading day, it effectively vaporized. The bank’s issue was that it grew deposits too quickly and improperly managed duration against its leverage. The bank didn’t fail because of credit risk, it failed …