US banks jump on bets Fed to end interest rate tightening

PacWest Bancorp

02/11/2023 14:25

** Shares of U.S. banks rise as bets of end to Federal
Reserve reaching its end of rate tightening cycle fueled a
bullish mood
    ** Goldman Sachs Group  GS.N , JPMorgan Chase  JPM.N ,
Morgan Stanley  MS.N , Citigroup  C.N , Bank of America  BAC.N 
up between ~1.4% and ~0.7%
    ** US Bancorp  USB.N , PacWest Bancorp  PACW.O , Bank of New
York Mellon  BK.N , Comerica  CMA.N , M&T Bank  MTB.N , Keycorp
 KEY.N , Western Alliance  WAL.N  rise between ~1.4% and ~4.5%
    ** The Fed held interest rates steady on Wednesday as
expected, and while Chair Jerome Powell left the door open to
further tightening he also acknowledged the impact of a recent
surge in bond yields on the economy
    ** KBW Regional Banking Index  .KRX  and the S&P 500 Banks
Index  .SPXBK  gain ~2.1% and ~1.3%, respectively

 (Reporting by Jaiveer Singh Shekhawat in Bengaluru)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))