G//@Cedric77:The Silicon Valley Bank collapse just clipped the Fed's ability to raise rates. This is not a credit event but a collapse in bond prices. The bank borrowed from depositors and bought the safest assets (on paper) such as government and mortgage bonds. The spike in rates and bond losses cratered its balance sheet triggering panic among depositors. The contagion is enormous in the US, which the Fed cannot ignore. The direct impact is business failures from loss of deposits and the inability to refinance loans. The indirect impacts are bank runs across other regional banks, tighter credit standards and the selling of other assets in the hunt for liquidity. This too shall pass and can pass faster if Fed discounts SVB bonds at book value or small discount. US bank ETFs look like an opportunity.