Rates On Wild Ride As SVB Drama Downs Hawks

If there was a sliver lining for bulls in this week's banking sector fireworks, it was that the rapid collapse of SVB materially reduced the risk of a Fed re-escalation. During Senate testimony on Tuesday, Jerome Powell conceded that it was possible the Fed might find itself compelled (by the data) to return to a 50bps rate-hike cadence at least for one meeting. Traders took that as a nod in the direction of a half-point move at this month's policy gathering. Apparently fearing he'd led the ma