Starting Out Weaker on SVB Acquisition and Absence of New Bank Failures

Bond yields began rising at 2am this morning when news broke regarding the acquisition of Silicon Valley Bank (SVB).  First Citizens bank will acquire nearly $130bn in deposits and loans.  In addition, there was no new drama in the European banking sector overnight.  Stocks and bonds are doing what they do when the bank contagion outlook improves. There are no major economic events on tap today.  In fact, the entire week is fairly calm when it comes to the econ calendar.  PCE inflation on Friday is the only potential exception, but that report has been nowhere near on the the level of CPI, which came out 2 weeks ago.
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