S&P Financials are now down 20.3% from their highs - officially entering a bear market as they fall to the lowest since September 2017...

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The S&P Bank index is extending losses, now down 24% from its 2018 highs and at its lowest since September 2017.

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As suddenly a collapsing yield curve matters...

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And the world's most systemically important banks have erased all post-Trump gains...

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And if you are banking (forgive the pun) on those "fortress balance sheet" US banks, as BMO's Brad Wishak notes, price and time are playing a familiar hand in US bank stocks...

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