US stocks rose on Tuesday as investors prepared for the Fed's next interest rate decision while the bank sector rallied on prospects for more deposit insurance.
Central bankers began their two-day Federal Open Markets Committee meeting and are set to deliver their next policy move on Wednesday afternoon. Markets are pricing in an 83% chance the Fed hikes rates by 25 basis points. Bank stocks rose after Treasury Secretary Janet Yellen said the government's deposit protection could be expanded. First Republic Bank stock jumped as high as 45%, a day after plunging to a record-low. Meanwhile, the SPDR S&P Regional Banking exchange traded fund surged 5%, its best day since January 2021.
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