Quick Take

An update since futures opened last night

• SVB depositors will have access to all of their money on March 13.
• The Signature Bank closed — all depositors will be made whole.
• Fed will make available additional funding to eligible depository institutions.
• First Republic Bank is down 52% pre-market, while Credit Suisse is down another 10% as contagion spreads.
• The new bailout acronym is called “Bank Term Funding Program“.
• The solution is to provide banks with an alternative to liquidate their bond holdings when they need to raise liquidity to meet outflows of deposits.
• Bitcoin went above $22,000, while gold approaches $1,900

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