U.S. stocks close higher as investor fears’ calmed over potential liquidity crisis in the banking sector
In separate appearances, three regional Fed bank presidents said that their confidence that the banking system was not facing a liquidity crisis is what led to the decision to implement a 25 basis point policy rate hike on Wednesday.
“The Fed may be jaw-boning a bit as it says more rate increases may be coming this year,” JPMorgan’s Carter added. “It helps both their inflation goal and suggests confidence in our economic system.” That sell-off was prompted by the rising cost of insuring Deutsche Bank’s debt, expressed by its credit default swaps, coming on the heels of the state-sponsored buyout of Credit Suisse, has fed into the narrative of sector-wide stress.While the S&P Bank index ended modestly lower, the KBW Regional Bank index closed sharply higher.
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