Signature bank halted after dropping a record 22%, while 30% down in the past five days. Other banks also have been halted, including First Republic and SIVB.

SIVB is down 60%; these three banks have combined nearly $500 billion in deposits. SIVB fundraising has so far failed, with deposit outflows outpacing the sale process. First Republic announced a capital raise of $125 million, share price continues to collapse.

The two-year treasury yield is down 45bps from yesterday’s high, which is the biggest two-day drop since Lehman (2008).