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Banks are also interest rate sensitive. Banks are more profitable when interest rates are higher because they can earn more on their 'spread.' This is counter-intuitive for some people but imagine that interest rates are low, say 2%. That means that the difference between what a bank pays on savings balances (a liability) is low and the spread between that and what they earn on a mortgage (an asset) is also low. A bank might have a spread of just 1.5%

If rates are high, say 5%, then the spread between that savings rate and the mortgage rate has grown. A spread might be 4% - nearly three times as much gross profit.

When the Fed announced that they were going to pause their interest rate increases and the 10 year treasury fell along with that, I would bet that most major bank stock prices followed suit. I don't follow this industry (and it is a Monday so I am too lazy to look it up) so I could be complete wrong.
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