Bank stocks tumble; others rise on hopes of easier interest rates

NEW YORK — But much of the rest of the market is rising on hopes the fear will force the Federal Reserve to take it easier on its economy-rattling hikes to interest rates.

Huge banks, which have been repeatedly stress-tested by regulators following the 2008 financial crisis, weren’t down as much. JPMorgan Chase fell 1.3%, and Bank of America dropped 3.3%. Some investors are calling for the Fed to make cuts to interest rates soon to stanch the bleeding. The wider expectation, though, is that the Fed will likely pause or hold off on accelerating its rate hikes at its next meeting later this month.

The fear was that stubbornly high inflation would force the Fed to get even tougher, and investors were bracing for the Fed to keep hiking at least a couple more times after that. That has hurt the investment portfolios of banks, which often park their cash in Treasurys because they’re considered among the safest investments on Earth.

All the fear led the price of gold to climb, as investors looked for things that seemed safe. It rose 2.4% to $1,911.30 per ounce.

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