Makes sense given the risk to tangible book value has significantly mitigated this quarter. Oil is at 9-12 month highs, and consequently so are Junk bonds.
The expectation is that tangible book remains in tact at 16.20. If tbv continues its 2yr trend, it should increase a bit.
While treasuries are depressed, GDP Now is still elevated at 2.5%. And bac is trading 12% below tbv.