The Fed slightly reduced its T-Bill holdings this week. That was the extent of its QT effort. Meanwhile, crypto lender Silvergate went down for the count earlier this week. In addition, Silicon Valley Bank (ticker: SIVB) lost 60% of its market value on Thursday and is off another 22% in the aftermarket as Tech VC clients withdraw deposits at a pace which in part forced the bank into a share sale to bolster deposits. Perhaps Silicon Valley Bank will have a new owner by Monday morning. Make no mistake, the economy is soft. Government published economic data is massaged and the real economy is suffering. We are seeing it across various sectors of the economy including Technology, Auto, CRE and within the Wine & Spirits business here in the Northeast. As for the Fed, Chairman Powell really is Mr. Magoo in our view.

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