This quarter has been dominated by the collapse of Silicon Valley Bank and the ensuing banking crisis, set against a background of cooling inflation, continuing rate hikes, and the prospect of global recession in 2023.

Throughout the quarter the prevailing market mood has switched from “hard landing ahead” in the economy to “soft landing’” to “no landing” and then back to hard landing again when everything, everywhere came crashing down all at once when SVB collapsed. Yields are down, bonds are up, bank stocks are dazed and confused, and tech stocks flying high again.