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 * Markets


FED RATE HIKES ARE GOOD FOR BANKS—UNLESS THEY END IN A RECESSION


HIGHER RATES ARE USUALLY GOOD NEWS FOR BANK SHARES, BUT NOT THIS YEAR. ‘PEOPLE
ARE WORRIED THAT THE FED WILL PUSH UNTIL SOMETHING BREAKS.’

Powell Explains Fed Decision to Raise Rates a Half-Percentage Point
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Powell Explains Fed Decision to Raise Rates a Half-Percentage PointPlay video:
Powell Explains Fed Decision to Raise Rates a Half-Percentage Point

Federal Reserve Chairman Jerome Powell said Wednesday the central bank approved
a half-percentage-point interest-rate increase in an effort to reduce inflation
that is running at a four-decade high. Photo: Win McNamee/Getty Images
By
Charley Grant
May 9, 2022 5:33 am ET

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Interest rates are going up, but bank stocks aren’t.

JPMorgan Chase & Co., Goldman Sachs Group Inc., Bank of America Corp. and Morgan
Stanley have slumped this year after two years of big pandemic gains. All four
banks are off their 52-week highs by more than 20%, including a 28% drop at
JPMorgan. That compares with a 14% drop in the S&P 500.

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