If NYCB fails, we're essentially starring down the barrel of...

If NYCB fails, we're essentially starring down the barrel of 2008 liquidity event with commercial real estate front and center. In 2008 inflation rate went from an annualized 6% clip in Jul '08 (0.5% M/M) to -2% in just 3 months. We''ll get another Fed bazooka in March which why US short rates are rolling over and gold bid simultaneously. What I'm getting at is higher for longer is load of excrement. The Bank Term Funding Program (BTFP) expires Monday so NYCB will have no supplement liquidity next week.