Jason Benowitz on the banking crisis: "signs that things have stabilized"

We do think that there's been some stabilization from the worst throes of this crisis earlier in March.  And so you can see that, for example, there's something called the forward rate agreement overnight index swaps spread.  It's a measure of bank funding costs, or credit costs, and it peaked in early March and it's come down to sort of its 10 year average, actually...  Similarly, when we look at the Fed's balance sheet disclosures weekly, and they disclose how much crisis borrowing there is by banks, and that number peaked about a month ago and it's been coming down weekly ever since.  So these are signs that things have stabilized.

~ Jason Benowitz, "First Republic stock plummets after revealing deposit exodus in March," Yahoo Finance, 3:30 mark, April 25, 2023