That the increase in interest rates was a separate economic development unrelated from anything SVB did or proposed to do (i.e. it was the Fed putting base inte

That the increase in interest rates was a separate economic development unrelated from anything SVB did or proposed to do (i.e. it was the Fed putting base interest rates up to reduce inflation, not commercial lenders reacting to SVB's position) This is similar to the use of "secular trend" in many other economics contexts to represent the overall long term trend