Bank stocks were mixed on Wall Street, including a 1.4% drop for JPMorgan Chase and a 0.8% gain for Bank of America.
Investors have zeroed in on smaller and midsized banks, the ones below in size of the “too-big-to-fail” banks and seen as greater risks.Treasury Secretary Janet Yellen has said that in cases where the government sees a risk to the overall system, it will guarantee deposits for bank customers, even those with more than the $250,000 insured by the Federal Deposit Insurance Corp. That’s what regulators did for both Silicon Valley Bank and Signature Bank.
A second report, though, suggested the fastest uptick in business activity for almost a year. The preliminary report from S&P Global topped economists’ expectations.Federal Reserve Chair Jerome Powell said worries about a pullback in lending helped push the Fed to raise rates by only a quarter of a percentage point this week, instead of a more aggressive half point, in its campaign to battle inflation.
The Fed has raised its key overnight interest rate to a range of 4.75% to 5%, up from virtually zero at the start of last year. It’s hinted it may raise rates one more time before holding them there through the end of the year.
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That's nice. I'll applaud though when bankers start jumping out of windows.
Stocks are up today you clowns.
XoiXiJinping maestro todo poderoso: Sigan con sus guerritas, a ver quién gana. 😂😅🤣
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