Bank stocks and financial sector-related exchange traded funds are finding it harder to slog through the growing fallout from the Russia-Ukraine war, surging inflationary pressures and the Federal Reserve's tightening monetary policy.
While the Federal Reserve is eying higher interest rates, bank stocks and financial sector-related exchange traded funds are lower for the sixth consecutive session on Wednesday on growing concerns over the U.S. growth outlook.
Banks could hold off on raising interest payments on deposits if the Fed hikes rates, potentially further bolstering their bread-and-butter businesses.