Following up on this: "A wild card that's entered the conversation in the last week is the collapse of Silicon Valley Bank and the abrupt closure of Signature Bank. There's at least some chance that these could be the initial rumblings of wider problems, though that seems unlikely at the moment. They do probably serve as a warning signal to the Fed not to jack up rates too high."

News reports indicate that market participants and observers have changed what they expect the Fed to do next week due to the fears of contagion in the banking sector: prior to the collapse of SVB and SB, expectations were that a 1/2 point raise was likely due to the persistent economic strength and inflation observed in the US, but now few think the Fed will raise 1/2 point, and opinions are split whether they'll raise 1/4 point or leave the Fed rate unchanged.

The yield on the Treasury Five Year Bond has dropped like a rock from a recent peak of 4.35% March 9th down to 3.6% this morning, as market participants run to safety and drive up bond prices.

A stable Fed rate would be good for Upstart.