One, what are the implications of the Fed's response, not just for the banking system, but also for other parts of the economy? For example, mortgage rates, how are those affected? Silicon Valley Bank has, I think, an MBS portfolio of like $55 billion in the whole to maturity bucket. Do they unwind that? What happens when they do? That's just one example. I mean, I know commercial real estate and real estate in general is so upside down because of these massive rate hikes. The math doesn't work for a lot of these properties. Either rents need to go up or prices on properties need to go down. So I'm curious, again, one, what are the implications of the response? Two, what areas of the economy are most vulnerable that we might be keeping an eye out for? And three, what does this mean or portend for monetary policy? Does this actually enable the Fed to take rates even higher or maintain credit conditions as tight as they are for longer because they're putting one hand on the banking (24/36)
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