Dow Jones futures rose Wednesday ahead of the Federal Reserve's rate decision and Fed Chair Powell's comments. GameStop rocketed on earnings. Read More...
Reuters
Jittery markets attempt risk-on rally while waiting for Powell
With about 12 hours still to go before the Fed announces its policy decision, investors are attempting a bit of a risk-on rally. Comments from U.S. Treasury Secretary Janet Yellen, who told bankers that she was prepared to intervene to protect depositors in smaller banks, have helped calm some of the market’s nerves, even as a scramble by embattled U.S. lender First Republic Bank to secure a capital infusion kept worries about the sector alive. The collapse of Silicon Valley Bank, which sank under the weight of bond-related losses due to surging interest rates, kicked off a tumultuous 10 days for banks, with fears of a global meltdown rattling investors.
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