Much of Wall Street is rising after Swiss banking giant UBS said it would buy its rival Credit Suisse for almost $3.25 billion in a deal quickly put together by regulators.
Other smaller- and mid-size banks were also doing better and helping to lead the market. Fifth Third Bancorp rose 8.8%, Zions Bancorp. rose 6.5% and Comerica climbed 7.7%.
Higher rates can undercut inflation by slowing the economy, but they raise the risk of a recession later on. They also hurt prices for stocks, bonds and other investments. That was one of the factors hurting But all the recent stress in the banking system has pushed Wall Street to believe the Fed likely won’t pick up the pace again on its rate hikes. Instead, the bet is that it will likely stick with an increase of 0.25 percentage points, according to data from CME Group.
Drastic recalibrations by investors for what the Fed will do with interest rates have caused historic swings in the bond market. Yields there have plunged since earlier this month.
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