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BUZZ-U.S. regional banks up as yields hit highest since May 2019

** U.S. regional banks rise, tracking gains in benchmark
two- and 10-year Treasury yields
    ** The yields hit three-year highs on expectations inflation
will spiral higher and the U.S. Federal Reserve will hike rates
aggressively  US/ 
    ** Bank of New York Mellon Corp  BK.N , State Street Corp
 STT.N , PNC Financial Services Group Inc  PNC.N  and Citizens
Financial Group Inc  CFG.N , Zions Bancorporation  ZION.O  up
between 1% and 3%
    ** U.S. 10-year Treasury yield rose 11 bps to 2.451%
 US10YT=RR , while two-year yield was up 12 bps at 2.247%, both
at highest since May 2019  US2YT=RR 
    ** Profit from loans for banks increases as the spread
between rates of borrowing and costs of lending widens
    ** The yield curve between three-month and 10-year treasury
notes hit 192 bps, steepest since February 2017
    ** When the yield curve steepens, banks are able to borrow
money at lower interest rates and lend at higher interest rates
    ** S&P 500 Banks Index  .SPXBK  down 2.7% YTD, while S&P 500
Index fell 4.7% YTD  .SPX 

 (Reporting by Mehnaz Yasmin in Bengaluru)
 ((Mehnaz.Yasmin@thomsonreuters.com))

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