Who could have seen that coming? Amid hawkish 50bps hike threats and ongoing QT, Jerome Powell and his cronies ride in to the rescue with a new "tool" to save the billionaire tech depositors at SVB (and Signature Bank...and well basically any other bank). The reaction in markets is dramatic, with expectations for The Fed's rate-trajectory collapsing... {chart} The terminal rate has plunged from September 2023 at 5.70% on Wednesday to June 2023 at 5.15%, and expectations for rate-cuts in H2 2023 are soaring... {chart} The odds of a 50bps hike in March plunged from 75% to less than 20% and May has collapsed from a ... (full story)