00:00Ones that are under the FDIC limit, we're not seeing a lot of deposit flight.
00:04We've also seen data from some of the biggest regionals, like the super regional banks,
00:08and they're not showing signs of deposit flight, even though they're some of the ones that have
00:11pretty significant unrealized losses on their securities books. And so we are, I think we're
00:17seeing a slowing down of this deposit flight. And the question is, does the Fed want to risk
00:22causing potentially another round? If they were to surprise the markets with more rate hikes,
00:26and some of these deposit rates go up more quickly, that could be a catalyst for a whole
00:31another round of bank failures and deposit flight. So I think if they, and I think they're signaling
00:36with what Powell said, that they do want to now pause or at least very cautiously move forward
00:41with tightening. And I think if they stick to that, they have at least a decent chance of causing still
00:47a bank profitability challenge, but maybe no longer a bank liquidity challenge, which is a worse challenge.
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