Looks like a great buying opportunity for great banks. Prices were low, they’re going lower.
Killing the yield curve is going to seriously hurt banks as they’re trying to regain capital. However, this too shall pass. Strong, well capitalized banks not entirely dependent on the yield curve will make it through this and may even clean up the wreckage. Woe be to anyone not buying quality. Buy the superstars that you can understand and think really long term. And make sure they can make it through the storms in the short term.
Instead of spending your time ranting about the Fed, run your stress tests, start digging, and maybe pickup some more shares of your favorites on your shopping list.
Back to fun with Ruby on Rails, CSS, and dreaming about having capital.