US banks fall after Powell's comments on inflation

Customers Bancorp

06/03/2024 15:25

** Shares of banks down after U.S. Federal Reserve Chair
Jerome Powell says that continued progress on inflation "is not
assured", pushing back the idea of imminent rate cuts 
    ** Powell says the central bank still expects to reduce its
benchmark interest rate later this year
    ** Bank of New York Mellon  BNY.N  and State Street  STT.N 
fall 0.5% and 0.8%, respectively
    ** Customers Bancorp  CUBI.N , Zions Bancorporation
 ZION.O , Comerica  CMA.N , M&T Bank  MTB.N , Banc of California
 BANC.N , Huntington Bancshares  HBAN.O , Regions Financial
 RF.N , Fifth Third Bancorp  FITB.O , KeyCorp  KEY.N , US
Bancorp  USB.N  and Citizens Financial Group  CFG.N  down
between 0.6% and 2.5% 
    ** KBW Regional Banking Index  .KRX  down 1.4%

 (Reporting by Pritam Biswas in Bengaluru)
 ((Pritam.Biswas@thomsonreuters.com))