Many sources have argued that the US banking system is essentially safe — that the reasons Silicon Valley Bank (SVB) and Signature Bank were shuttered and First Republic Bank needed a $30 billion cash infusion from 11 major banks were all different.

But a new study suggests that an underlying weakness in the Silicon Valley bank run exists in 186 other banks, any of which could find itself unable to satisfy an unusual high level of withdrawals because of two factors.

Falling Bond Value

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