We saw regular old bank failures with modern twists
The failure of Silicon Valley Bank (SVB), Signature Bank and Silvergate Bank woke up global markets to the gradually building stress on bank balance sheets from a continual rise in interest rates from pandemic lows.
The dust is only just beginning to settle on two of the largest bank failures in US banking history. The failures happened within a noticeably short time of each other. Across the Atlantic, regulators forced the merger of a 166-year-old institution with its arch-rival, a similarly pedigreed bank. Market participants everywhere are nervous that even the faintest gust may get the dust swirling again.