Markets digest bank risk & sticky CPI

An extra day of reflection has investors believing that the probability of a banking apocalypse is less than they calculated Monday.

"Based on the information available so far, we think wider liquidity events are unlikely," Oxford Economics stated in a research note Tuesday.

But "unlikely" hasn't stopped massive deposit outflows, the likes of which contributed to Moody's downgrading the entire U.S. banking sector—despite the government's emergency backstop.

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