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Silicon Valley Bank Failure and what it means for the US and the world

So far each bank that has failed was a key bank for an industry that had large in flows due to the pandemic, and now is reversing much faster than bank managers expected. One of the big questions coming out of this will be which banks misjudged the match between the cost and lifespan of their deposits and the yield and duration of their assets. This is very different from the questions about bad lending that haunted the 2008 financial crisis. As money flowed into banks during the pandemic, buying the shortest-term Treasurys or keeping the money in cash would have insulated them from the risk of rising interest rates. But it also would have depressed their income. Banks’ reach for “safe” yield may be what haunts them this time around.