With the sales of Silicon Valley Bank to First-Citizens Bank and Trust Co. and Signature Bank to Flagstar Bank, N.A., much of the panic that embroiled the U.S. banking sector over the past few weeks appears to have subsided. The extraordinary measures taken by private and public actors to shore up the liquidity positions of community and regional banks and stem the further flight of deposits seem to have achieved their desired effect, at least insofar as no U.S. banks have failed since Signature's collapse. The FDIC ultimately did not take the emergency step of temporarily guaranteeing deposits of all U.S. banks, and the Fed ostensibly had enough confidence that the banking system could weather another interest rate hike in late March.