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The U.S. bank stock index may hit a nearly two-year high as investors are optimistic about interest rate cuts.
According to reports from [币界], as investors speculate that the Fed may cut interest rates next month, the U.S. bank stock index may see its first record close since January 2022. The KBW Bank Index, which tracks the 24 largest U.S. banks, rose as much as 3%, likely setting a historical closing record. This will end a period of over 900 trading days of stagnation, the longest since the financial crisis when the index failed to refresh its high for over 3,500 trading days. As Powell cautiously opens the door for a rate cut in September, bank stocks joined the broader market rebound on Friday. Overall, thanks to the fluctuations in the stock, bond, and forex markets, major Wall Street banks reported solid performance in the second quarter. All banks that previously underwent the Fed's annual stress test passed easily, allowing them to raise dividends to levels exceeding market expectations. The rise in bank stocks this year has also been driven by market expectations that a more lenient regulatory environment under the Trump administration will stimulate corporate merger and acquisition activity, thereby boosting investment banking revenue.