before Congress and focused remarks on failures at Silicon Valley Bank and its supervision, rather than broader systemic issues across the financial sector.
The U.S. dollar was firm, particularly against the safe-haven Japanese yen as investors wound back some of the safety positions built up in the last couple of weeks. The yen last traded at 132.75 to the dollar. As the dust settles on a wild and volatile ride after Silicon Valley Bank's collapse unleashed fears of a broader banking crisis, the winners appear to be bonds and large tech companies that tend to benefit when interest rates fall.
From the two-year tenor all the way to 30-year, U.S. yields are below the current Fed funds rate of roughly 4.8% as markets have dramatically repriced the rates outlook.The rates-sensitive Nasdaq is heading for its best quarter in more than two years. Nasdaq and S&P 500 futures were steady on Thursday.
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