Sigma Signals

Week of March 13, 2023

The dramatic and rapid failure of Silicon Valley Bank (SVB) last week focused attention on the Fed’s restrictive monetary policy with an understanding that a casualty of this nature was not unexpected. It would appear that the Fed will continue to maintain its inflation fighting posture while simultaneously throwing a lifeline to SVB (and other impaired) depositors. Shareholders in SVB were appropriately wiped out. Our Signals remain unchanged.

Bob Bilkie, CFA