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The Fed may finally be almost finished raising interest rates,

but not for the reasons we wanted.

Instead of cooling inflation, we got a bank run.

With the promise of more, if the Fed doesn't stop being so aggressive,

and start worrying more about bank shutdowns and seizures,

these are certainly deflationary issues.

And the market reacted like J-PAL may have to be more circumspecting next week.

While the Dow ultimately closed down 91 points to a late-day downtrip,

SMB lost 0.15%, but the NASDAQ still jumped 0.45%,

which is what you'd expect in a viral liver less worried about rate hikes.

Yet it took a fistful of bank failures and no doubt a few bank failures more

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