“They’ve tightened at the steepest, most dramatic rate that we’ve seen since 1980 and so I think this could be the opportunity for them to pause,” said Cresset Capital CIO, Jack Ablin.
A separate report showed U.S. producer prices unexpectedly fell in February, a day after another reading showed moderation in consumer inflation. This fueled investor hopes the Fed might slow its rate hikes. First Republic Bank tumbled 21.37% while PacWest Bancorp PACW.O slid 12.87%, and trading was halted several times for volatility, a day after shares of the battered banks staged a strong recovery.Article content
Big U.S. banks including JPMorgan Chase & Co, Citigroup and Bank of America Corp dropped, pushing the S&P 500 banking index down 3.62%. The KBW regional banking index declined 1.57%.
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