Despite the announcement of a Fed/Treasury/FDIC backstop for SVB and Signature Bank, financial markets are trading as if current events imply a sea change for economic momentum, inflation, and the Fed rate hike trajectory.  It's pretty much that simple. 

What's not so simple is determining whether or not that trading will prove to be justified by changes in consumer behavior.  Also complicated will be the task of reacting to economic data for the month of February when the sea change wasn't even an idea until last week.