This is your market minute.

Icapital chief investmentnstrategist, AnastasianAmoroso is not buying the assurancesnfrom U.S.

Treasury Secretary  Janet Yellen and leaders of major U.S. banks as they campaign to assure individual depositors and the world that the collapse of Silicon Valley Bank and signature Bank were isolated incidents and do not signal wider risk in the U.S. banking system. Amoroso told Bloomberg that she does not think the bank failures were idiosyncratic and that she sees much wider systemic risk within the sector.

I don't think there are idiosyncratic issues. I think there is a broader problem. There are some very specific things that went wrong in those two banks. But if you take a step back, take it. Let's take stock of what's happening as the Fed is raising rates.

First of all, depositors have other options. And if you look at the online savings rate, for example,it is much higher than what you're getting on your checking accounts or your savings accounts.So depositors are looking for other options. And as a result, as those deposits go out, the banks are having to sell. They're either available for sale securities or now the fear is that they're going to have to sell some of their held to maturity securities and that means a new wave of markdowns. So this is I mean, this is systemic or at least it's broad based. And this is why I think the market is having a hard time saying, yes, this is it, this is over. Because what we've seen is sort of a patchwork, a piecemeal approach of regulation. And we said the depositors of these two institutions don't have to worry about their deposits. And we sort of have an implicit guarantee, but implicit may not be enough.