S&P 500 bears finally did a good job – FRC deposits situation, fresh manufacturing and consumer confidence worked magic. Bonds broadly agreed, and the risk-off day was characterized by precious metals resilience (cryptos did well yesterday – and are doing OK on the same banking theme today as well). Of course, any quick look at KRE or XLF shows that not even Fed tightening and balance sheet shrinking can turn around the dollar when faced with more action requirements to stabilize the still ongoing outflow of deposits. The macro themes continue to be shrinking liquidity exacerbated by TGA situa…

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