Shares of U.S. banks rose on Tuesday after a smaller-than-expected rise in inflation data indicated that the Federal Reserve is likely to keep interest rates unchanged this week, while Wells Fargo's net interest income outlook also boosted investor optimism on the sector.
and the annual increase in inflation was the smallest in more than two years, though underlying price pressures remained strong, Labor Department data showed on Tuesday.
Traders were also buoyed by positive comments from Wells Fargo's Chief Financial Officer Mike Santomassimo, who said during a conference on Tuesday that the lender, one of the largest U.S. banks, still expects to see aThe Wells Fargo executive's comments are in contrast to some of the guidance on net interest income coming out of regional banks for the second half of the year, said Jack Janasiewicz, portfolio manager at Natixis Investment Managers.
"I think that puts a floor for some of the larger that are seeing stable outlooks for margins going forward," he added.
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