Meme-ing a regional bank into failure may be more difficult than Silicon Valley Bank’s collapse would suggest.
Regional bank indices are rebounding Friday, after a strong jobs report. KBE is up 5 per cent, PacWest Bancorp has jumped 77 per cent, and Western Alliance is up 36 per cent. (Even PWBK is up a bit. ¯\_ (ツ)_/¯)
The irony is that, in theory, the strong jobs numbers should be bad for regional banks; short-dated Treasury yields are climbing, and that means investors can earn more in money-market funds. So depositors have more reason to withdraw idle cash from regional-bank accounts than they did yesterday.
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