• Moody’s Investors Service, one of the three prime rating services, downgraded its rating of the entire banking system from stable to negative in response to the SVB banking crisis.
• Moody’s, which predicted a coming recession, had warned it would downgrade Comerica, First Republic, Intrust Financial, UMB, Western Alliance, and Zions Bancorp after downgrading Signature Bank.

Tagged: #Bidenflation