The outlook worsens across-the-board with banks heading for the exits.

The deflation and banking crisis which really began last fall that has now become a full-blown credit crunch and recession was far more about collateral shortages than anything else. It sure wasn't rate hikes. Not only have yield curves and interest rates told the truth, one central banker in Europe admits to it, too. 

Eurodollar University's Money & Macro Analysis

Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Money Market Contact Group meeting
https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp230302~41273ad467.en.html

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