How Bank Failures Drove Stocks Higher And Vol Lower

If you've been following along, you've noticed a paradox in markets: Two months on from the most acute banking sector turmoil since Lehman, stocks are higher at the index level and volatility is low. Like all things, this is easy enough to explain in hindsight, but our "uneasy, untenable calm," as I dubbed it this week, is nevertheless a bit vexing, particularly given everything else that's wrong in the world. Although plenty of analysts, strategists and market observers have walked through th