Emergency lending by the US federal authorities has bathed America’s struggling regional banks in short-term liquidity.
The rush to cash is extending into 2024 as global stocks started reversing some of last quarter’s rally.
Bridgewater Associates’s flagship hedge fund lost 7.6% last year, with all of the drop coming in the last two months of 2023.
Regional banks and vaccine makers were among the few bright spots for short sellers in 2023.