John Authers, Columnist

Why First Republic Won’t Likely Ruin Your Weekend

What crisis? It’s small enough to fail, and the risk already looks priced in. Plus, banks don’t matter as much as they used to.

April 28, 2023 at 4:01 AM UTC

By John Authers

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

The eagle is landing, with a splat.
Photographer: Stephanie Keith/Bloomberg

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When banks have a problem, we all have a problem. That was a central learning from the implosion of 2008, and last month’s sharp market reversals in the wake of the failures of several sizeable regional banks showed that it held good. Expectations for the Federal Reserve turned on a dime. For a succession of weekends, survivors of 2008 suffered flashbacks as they awaited news of the latest institution in trouble, be it Silicon Valley Bank, Signature Bank or Credit Suisse Group AG.