Regional bank shares fall as Fed persists with rate hikes despite industry turmoil
Publishing timestamp: 2023-03-22 16:17:27
Summary
Regional bank stocks, including SPDR S&P Regional Bank ETF (KRE), dropped following the Federal Reserve's interest rate hike and commentary about the health of the U.S. financial system. First Republic Bank and PacWest Bancorp saw significant drops, while KRE closed down 5.7%. The fate of regional banks has been in question since the closure of Silicon Valley Bank sparked a broader industry crisis. Treasury Secretary Yellen stated that the government was willing to take further action to assure that deposits were safe.
Sentiment: NEGATIVE
Keywords: markets, jerome powell, first republic bank, janet yellen, economic events, spdr s&p regional banking etf, united states, banks, business news, market insider, pacwest bancorp,