Regional bank ETF on track for record close in wake of Fed minutes [MarketWatch]
Citigroup, Inc. (C)
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Source: MarketWatch
Regional bank ETF on track for record close in wake of Fed minutes Exchange-traded funds that track the banking sector surged on Wednesday, after minutes from the Federal Reserve's most recent meeting pointed to higher odds for more rate hikes going forward. The SPDR S&P Regional Banking ETF KRE, +1.34% added 1.8% and was on track for a record close. Separately, the SPDR S&P Bank ETF KBE, +1.21% jumped 1.8% and was on track for its highest close since late January, which itself represented its best close since 2007, before the worst of the financial crisis. The fund is up 7.9% thus far this year, easily outperforming the 2.7% rise of the S&P 500, while the regional bank fund has gained 8.3% in 2018. The Fed's minutes showed that officials saw a stronger economy than at the end of last year, and that strength " increased the likelihood that a gradual upward trajectory of the federal funds rate would be appropriate." Bank stocks tend to do well in rising-rate environments, given t
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C
Earnings
- 4/12/24 - Beat
C
Sec Filings
- 4/24/24 - Form 424B2
- 4/24/24 - Form 424B2
- 4/24/24 - Form 424B2
- C's page on the SEC website