This bottom on October 12th might be where the increase in government interest income overcame the reduction in NPVs due to the risk free rate increase itself…
This corresponds with the recent bottom in Depository system Residual (Assets – Liabilities ie implied Capital) here:
Just depends on the first derivative of Fed policy rate increases… if they maintain current plan of reducing the magnitude of periodic increases then this bottom will probably stand and we’re in the clear from these morons…