Cheryl Mickel: "banks are in much stronger position"

What we are facing right now is more of a test of market confidence.  You are seeing a market that doesn’t want to believe that there is still some resilience to the economy and to the banking sector. 

There are some things different in this particular “crisis” than past crises in everybody’s memories.  The economy is much stronger than it was during the [2008-09] global financial crisis.  And there has been so much regulation to build resilience that, in aggregate, banks are in much stronger position.  Also, government support is earlier, practiced, better targeted, and not dealing with the capitalization issues of the past.

~ Cheryl Mickel, head of T. Rowe Price's U.S. Taxable Low Duration Group, "A Fixed-Income Pro on Where to Park Your Cash During the Banking Tumult," Barron's, April 1, 2023