Evidence is gathering that the SVB-fueled banking stress indeed will turn into a recession, but instead of a fast and rapid liquidity driven recession, we are rather slow-walking into a credit crunch over summer.
![Steno Signals #43 – Slow walking into a recessionary credit crunch](https://stenoresearch.com/wp-content/uploads/2023/03/Skaermbillede-2023-03-22-kl.-13.42.37-1080x675.png)
Evidence is gathering that the SVB-fueled banking stress indeed will turn into a recession, but instead of a fast and rapid liquidity driven recession, we are rather slow-walking into a credit crunch over summer.