This year alone we've seen⚠️ 1. 3 of the top 5 largest US bank failures of all time, even when adjusted for inflation. All depositors made whole, including those over the FDIC limit of $250K 2. Janet Yellen announce that the US could default as early as June 1st if the debt ceiling is not lifted, US politicians will sit for approximately 3 weeks prior to this date during which they will have to either raise or suspend the US debt limit 3. The Federal Reserve not only predict a recession in 2023 but raise interest rates despite this. They are also expected to raise a further 25bps on Wednesday 4. The Federal Reserve lending vast amounts of liquidity to US and foreign financial institutions due to the crisis in banking that started in March. Discount Window usage hit record weekly usage, surpassing anything seen in the GFC. The Fed created a new lending facility called the Bank Term Funding Program in order to try and help stabilise the US banking system by allowing banks to post collateral with minimal/no haircut 5. Credit Suisse, 1 of 30 global systemically important banks (G-SIBs), collapsed and was acquired by UBS 6. The 3M10Y and 2Y10Y spreads are at their most deeply inverted readings since the early 80s All this and it's only May