Something more may be brewing. Fed pulled $207B from San Francisco FRB and distributed it across other regions – mainly NY and Richmond.

 Most banks that failed were in SF, one in NY. I’ve yet to hear a bank in trouble that’s out of Or near Richmond. Now that the SF run on the banks has been kind of quelled, looks like they need money somewhere else.

I’m thinking there are more banks in need of liquidity in NYC and Richmond vicinity. They know something. Fed did say they stand ready to provide liquidity to eligible institutions.

They’re strategically trying to move funds to avoid having funds in the wrong place and losing a whole day to transferring it.

U.S. Bank Fallout Extends to Various Non-Bank Financial Sectors.

https://www.fitchratings.com/research/banks/us-bank-fallout-extends-to-various-non-bank-financial-sectors-15-03-2023