Two Fed alerts just dropped and one of them has a date you need to circle right now.

Two Fed alerts just dropped and one of them has a date you need to circle right now.

First — the Fed issued enforcement actions against a former Atlantic Union Bank employee and a former Frost Bank employee. No dollar figures in the release. Personnel actions, not institutional penalties — but when the Fed is naming names out of regional banks, the question isn't what they did. It's what they were doing that nobody caught until now.

Second — and this is the one that moves portfolios — the Fed just confirmed annual bank stress test results drop Wednesday, June 24th, 4 p.m. Eastern. Ten days out. Every major bank holding company is in scope. JPMorgan, Goldman, BofA, Wells, Morgan Stanley, Citi — capital requirement pictures get redrawn that afternoon. Stress test results dictate buyback capacity and dividend headroom. A bank that comes in thin doesn't just miss a number — it tells you where management has been papering over risk. That stock moves after hours, fast, and not always in the direction the CFO had planned for his earnings call talking points.

Mark June 24th. 4 p.m. Eastern. Be in front of a screen. The bot already is.

The numbers are the numbers. Management can spin. We don't.