Even my mother is happy with the Silicon Valley Bank rescue plan, BobPisani writes.
In this photo illustration Silicon Valley Bank logo seen displayed on a smartphone screen with NYSE logos in the background in Chania, Greece on March 13, 2023.Even my mother is happy with the Silicon Valley Bank rescue plan.FDIC's decision to make whole deposit holders
Other strategists noted the impact paying higher interest on deposits would have on net interest income and margins. She had called me a couple weeks before to tell me that she was about to roll over a one-year bank CD and was astonished that her local bank was offering her a yield over 4%. She is friendly with the bank tellers at several different banks in her town. All of them told her they would call her in the next week or so to let her know what yields they are offering.
"Robert, the banks were not at all sympathetic to us for years when I was getting 0.4% on my savings accounts for the last 10 years," she said. "Now I'm clapping my hands and I'm not feeling sorry for them." Trading through the ETFs did not prevent price drops, but it did provide an orderly and efficient method for traders to make bets for and against banks.There was massive trading in short-term Treasury ETFs like Vanguard Short-Term Treasury ETF, which tracks maturities of 1-3 years, and iShares Short Treasury Bond which tracks maturities of 1-12 months.With financials representing 12% of the S&P 500, that drop in bank stocks was a major problem for the S&P 500 last week.
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