Good news, but hedges stay on!

So, depositors will get their money back, this is good news.

Also, every bank that has their T-Bills under water (now and not to duration) can swap them (to the FED) in the moment they have big outflows they need to finance. I am still thinking about what that means in the long term, not sure yet, but short term that is good news.

Still this rally I calle…