Amidst the banking sector turmoil, Fed Chair Jerome Powell indicated that the central bank might be nearing the end of its rate-hiking cycle, raising optimism.
The market’s sentiments have shifted recently as investors turned away from worries about falling revenue growth rates and increasing technology industry layoffs.
Wall Street is now concerned about the banking sector due to the recent banking failures this month, causing widespread panic in the financial sector.
Moreover, amidst concerns that the global banking sector’s tumult will continue due to rising interest rates, investors and analysts are calling for coordinated interventions from central banks to restore financial stability.
Erik Nielsen, group chief economics advisor at UniCredit in London, suggests that central banks should make a joint statement to prevent further rate hikes until stability returns to the financial markets.
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