It might be difficult to guess by the tone of daily financial news flow over the first quarter, but during that time markets continued a recovery that began in the 4th quarter of last year. Most notably, it appears that the financial system may have narrowly escaped a widespread run on community and regional banks that entered crisis mode with the failure of Silicon Valley Bank. While the crisis seems to have abated, the underlying factors that led to the situation are still alive and reach farther than that isolated issue.
