'Stress like 1987': Evercore's Julian Emanuel warns Silicon Valley Bank fallout could force new market low
Publishing timestamp: 2023-03-13 20:51:57
Summary
Evercore ISI is comparing current bank stress to the savings and loan crisis and epic crash of 1987. The firm's senior managing director suggests that more problems may be lurking, especially if the Federal Reserve continues to hike interest rates. He forecasts a mild recession and a retest of last October's market low, but is sticking with his S&P 500 year-end target of 4150. The article highlights the rapid decline in the 2-year Treasury Note yield and suggests that credit trading is something to watch closely.
Sentiment: NEGATIVE
Keywords: markets, treasury bills, alan greenspan, svb financial group, jerome powell, federal reserve bank, business news, recessions and depressions, investment strategy, treasury notes, signature bank, high-yield bonds, consumer prices, regional banking, financial crisis, financials, janet yellen, fdic, economy, banks, silicon valley, u.s. 2 year treasury, interest rates, monetary policy, inflation, technology,