Maybe the SVB and Signature failures aren’t the first signs of an industrywide banking panic, after all. Analysts at Fisher Investments point out that banks’ weekly borrowing from the Fed via the discount window and the new Bank Term Funding Program hasn’t been especially widespread around the country.
Encouraging! “The striking thing about this graph,” the authors write, “is the absence of material borrowing outside widely known extensions of credit in New York (Signature) and San Francisco (Silicon Valley Bank and a few other firms that have publicly acknowledged tapping the discount window). In all, it suggests the issues, at least thus far, aren’t nationwide.” Makes sense to me.