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&

They say the Fed hikes until it breaks something. Well, this qualifies. "The SVB saga has created an almost unprecedented black swan event for the bond market," RBC Capital Markets wrote today. "The 3-day decline in 2-year U.S. yields is a 7-standard deviation event back to

Bond yields were holding up Sunday evening, despite fear that Silicon Valley Bank's failure might be a canary in the coalmine. And then came Goldman Sachs. Arguably the world's most prestigious investment bank, it issued this ominous statement: "In light of recent stress in the

Crises are routine when markets are already pricing in recession. Financial institution meltdowns have coincided with a top in yields in numerous prior cycles. And it may be happening again with Silicon Valley Bank (SVB). The Santa Clara, California based bank collapsed Friday, causing investors to rush into government bonds