Need to Know: ‘We need to stop this now.’ First Republic support is spreading financial contagion, says Ackman.

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And so we draw to the end of another frantic week in markets.

The CBOE VIX index VIX, the gauge of equity volatility, twice spiked up to 30 before tumbling back down.

The ICE BoAML MOVE index, a VIX for the Treasury market, jumped to its highest since the great financial crisis of 2008, at one point up more than 80% from just the start of February.

Those moves illustrate the whipsaw action in stocks and bond yields as traders tried to work out the seriousness of the unfolding banking crisis and how much it would compromise central banks’ ability to sustain their inflation fighting strategies.

Worries that financial sector tremors would badly impact the global economy — and some o...

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