With Sunday’s news of the downfall of First Republic Seized by regulators into FDIC receivership, my first thought was how is this going to affect the bond market.

Typically this type of disruption would mean bond prices drop as well as interest rates. This did not happen. We saw minimal change at best. The market is calling this a piece of Ice not an Iceberg.

The Feds are expected to raise the Fed rate by 0.25 basis points Wednesday.

Rate average this year.

Headed into a meeting this morning, have a fantastic week.