https://nexteconomy.substack.com/p/from-inflationary-boom-to-deflationary
The acceleration is less due to SVB’s case itself, which has been solved with the government bailout. It is because this episode alerted millions of Americans to the fact that (1) their deposits pay nothing and (2) are possibly unsafe. This realisation increases deposit costs especially for US regional banks, and in turn lowers their willingness to lend. The result is a classic credit crunch which likely amplifies the deflationary trends already underway
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