Analysts at JPMorgan Chase & Co. estimated $2 trillion as an upper level for how much liquidity the new backstop could ultimately provide, although they also developed a smaller calculation of around $460 billion based on the amount of uninsured deposits at six US banks that have the highest ratio of uninsured deposits over total deposits.

Eoin Treacy's view

I think everyone has been perplexed by the relative strength of the Nasdaq-100 over the last week. The market-to-market losses on bank balance sheets are unresolved, even with the backstop for depositors. At a minimum that means less credit will be available over the next year. That increases the likelihood of a recession.