Just as a side note, but a really important one to watch. Since...

Just as a side note, but a really important one to watch. Since the failure of the Silicone Valley Bank last year, the Federal Reserve initiated the Bank Term Funding Programme (BTFP). This was an interest free loan facility designed to prop up regional banks across America after 4 regional banks failed due to commercial loan exposure. Well the commercial loan exposure hasn't gone away, and the injected liquidity was just a short term cash facility to stave off further bank collapses in the short term. The emergency funds sought by hundreds of banks across America shocked even the most pessimistic in Government in its scale of draw down. That programme is due to end March 11th. POWELL? has stated emphatically it will not be continued after the March deadline. If they dont do a complete back flip and further extend hundreds of millions of dollars more credit - watch the number of zombie banks hit the wall in 2024. This will be the catalyst to bring American Banking to it knees. The scale of any bail out totally impossible to fund.

Personally, l think Powell will roll over the funding programme and kick the can down the road like they have done with the National Deficit. The Regional Bank problem is not going away. This rescue programme was only a short term liquidity fix. The bad debt is still sitting on Bank ledgers ready to explode.