An extra day of reflection has investors believing that the probability of a banking apocalypse is less than they calculated Monday. "Based on the information available so far, we think wider liquidity events are unlikely," Oxford Economics stated in a research note Tuesday. But "unlikely" hasn&

They say the Fed hikes until it breaks something. Well, this qualifies. "The SVB saga has created an almost unprecedented black swan event for the bond market," RBC Capital Markets wrote today. "The 3-day decline in 2-year U.S. yields is a 7-standard deviation event back to

Bond yields were holding up Sunday evening, despite fear that Silicon Valley Bank's failure might be a canary in the coalmine. And then came Goldman Sachs. Arguably the world's most prestigious investment bank, it issued this ominous statement: "In light of recent stress in the

As is standard on the first of every month, MLN's Amortization Simulator was updated yesterday to reflect the latest market-implied Bank of Canada rate path. Click here for the latest version. The first thing you may notice about the new spreadsheet is that markets still expect 200 bps